As the crypto markets seek to recover after another major price correction, many see an influx of institutional money as the most likely catalyst for further price growth. And with Japan’s SBI Holdings launching their own crypto exchange earlier this month, there is more positive news in the pipeline. Fidelity Investments, the international asset management company, could be the next major players to make a move into the crypto sector.
Fidelity is the world’s fourth largest asset manager and currently handles over $2 trillion, offering brokerage, mutual fund management, life insurance and a host of other services. Fidelity’s billionaire owner Abigail Johnson has made a series of announcements which appear highly encouraging for those keen to attract major investors into the crypto sphere, saying that she is “still a believer” in cryptocurrencies and that “there’s no underestimating the potential that’s on the horizon.”
Fidelity has been a supporter of crypto for some time, offering a dedicated fund, allowing staff to pay for meals with digital currencies, and even operating a crypto mining operation. Now rumours indicate the firm are planning to develop their own exchange, and indeed sources suggest that planning has been underway for a year or more. Such a move would make Fidelity a major player in the space, and could move crypto significantly closer to mainstream investor adoption. Details are thin on the ground, but we expect more news in the coming days.
As crypto navigates more choppy waters, the sight of land may be closer than we think.
