Bitcoin Global News (BGN)
May 6, 2019 -- ADVFN Crypto NewsWire -- Especially since last year, companies rolling out crypto trading services for institutional customers is nothing new. Even so, most of those who now offer such services are from inside and not outside of the crypto space. Because of this, it is easy to see why some potential investors are still reticent to join the fray. Until traditionally reticent financial institutions start showing true confidence in cryptocurrencies, some will continue to believe they are not a safe investment.
Changing this sentiment would likely require more than just a few non-crypto banks and brokers offering custody and trading services for crypto investors. What might be a good catalyst for starting another crypto market boom is a financial industry giant doing the same thing. As of today, since it was announced that Fidelity will soon roll out crypto trading services, that may be about to happen.
Before you react to this by going out and making new investments in your favorite crypto coins, keep in mind that Fidelity’s upcoming rollout comes with several important caveats. First, they will not be offering any sort of crypto trading that the average retail investor can engage in, any time soon. Their service will be specifically geared towards institutions that are looking to diversify their portfolio by adding Bitcoin to it. What led the financial powerhouse to this point was their development of crypto custody services this March. Because they’ve made a conscious effort to be both a legitimate trader of and a legitimate holder of cryptocurrencies, it is reasonable to conclude that Fidelity is aiming to be a leader in actually legitimizing Bitcoin on Wall Street.
The logical question then becomes: when will similar companies follow suit? Furthermore, when will other cryptocurrencies be shown the same level of trust by risk-averse investors?
By: BGN Editorial Staff