Fidelity will be launching its over-the-counter (OTC) desk for cryptocurrency in the coming weeks. This reports an anonymous source in a Bloomberg article published on May 6.
The cryptocurrency branch of Fidelity, Fidelity Digital Assets, was launched in October 2018. Since March, it has been providing a cryptocurrency custody service that provides a safe haven for the cryptocurrency of institutional investors.
According to the anonymous source, Fidelity Digital Assets will now also launch the planned OTC desk. This would happen sometime in the coming weeks, Bloomberg said.
Institutional investors will be able to buy bitcoin (BTC) with the service and save it immediately with Fidelity
Digital Assets. In a response to the news, Fidelity spokesperson Adele Roberts said:
We will continue to expand our services over the coming weeks and months based on the needs of our customers, jurisdictions and other factors. Our service offering is currently focused on Bitcoin.
With the launch, it is likely that a new influx of institutional investors will arise on the crypto market. Fidelity recently published the results of a study showing that more and more institutional investors are interested in cryptocurrencies.
For example, out of the 400 respondents, 22% already have cryptocurrency. About half of those 400 say they are interested in cryptocurrencies.
Institutional investors are expected to increase the demand for cryptocurrencies enormously. This type of investor often invests with large sums of money. With the new service from Fidelity, they can now invest in crypto on an institutional level platform. As Fidelity is an investment company with a portfolio of over $ 7 trillion, launching its own OTC desk could have a major impact.