Recently they've set their sights on the tech world in a big way, from artificial intelligence to virtual reality, and of course - blockchain and cryptocurrency.
What's been surprising is how they've managed to make their entry into tech so quietly, spending $2.5 billion per year for the last few years through their lesser known 'Fidelity Labs' and 'Fidelity Center for Applied Technology' and have been battling it out with Google, Facebook and Microsoft to recruit top Silicon Valley talent to work for them - I even know a couple people here in Silicon Valley their recruiters have reached out to.
Today, they unveiled their plans for what they'll be doing in the cryptocurrency markets as they launch a new company dedicated to it called 'Fidelity Digital Asset Services'.
“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” said Abigail P. Johnson, Chairman and CEO of Fidelity Investments.
“We started exploring blockchain and digital assets several years ago, and those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies. The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets.” added Tom Jessop, head of Fidelity Digital Assets.
Now the big question is this - will their financial advisers actively be suggesting cryptocurrency to their existing customers, as another way to diversify their portfolios?
If the answer to that is yes - it's a big deal. Fidelity recommending investing in cryptocurrency to their massive list of clients could literally bring in millions of new people into the crypto markets.
Think i'm exaggerating? Over 23,000 businesses use Fidelity for their employee's retirement plans and 401k's, making them #1 in the country. Between this and their other investment services, they have over 27 million customers - how many will end up adding cryptocurrencies to their portfolios?
Their cryptocurrency based services launch in a few months in 2019. They will offer Bitcoin and Ethereum to start with.
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
