Fidelity Investments Interest In Crypto Could Push Bitcoin Price Even Higher
Fidelity Investments subsidiary Fidelity International is getting ready to enter the cryptocurrency space even more. As we know, they’ve already established Fidelity Digital Assets and that the group is looking into blockchain technology. However, what’s especially interesting is a Bitcoin online trading platform that the staff participates in.
In-house sentiments are high
The game only exists in-house for now, but could possibly come to the public at a later date. When starting out, users are given £10,000 in fake digital assets. From there, they’re provided an emulated cryptocurrency wallet and are asked to put together a portfolio. Those who put together the best portfolio can win a cash prize.
According to EthereumWorldNews, 1,200 of Fidelity’s 8,000 staff members are playing the game right now. We learned about the title last month via Chief Executive Anne Richards, who spoke about it at a conference.
Back then, she said:
“We have a bitcoin trading game that we use internally, as a way of teaching people about distributed ledger technology and digital tokenisation, which ultimately will be an important part of the whole financial system going forward”
Now, it is also believed that this interest in cryptocurrencies can significantly boost Bitcoin’s price similar to Facebook did with Libra.
As the publication reports, Fidelity already manages $7 trillion in assets. Of course, on top of this, we already know that a ton of different enterprise companies are looking into crypto as well.
Not only is the company looking to get into digital asset trading, but it will also participate in its own blockchain network, furthering the technology even more.
Bringing in big tech
This is great news, considering that we need these big tech companies to push blockchain forward. Facebook is a big choice, but competitors like Twitter and others are great as well. Fidelity is next.
In an interview with The Financial News, the executive director of Global Digital Finance Teana Baker-Taylor spoke on Fidelity’s involvement:
“This signals to the market that traditional financial investment in digital assets is likely to increase and they intend to maintain their institutional first-mover advantage, providing access to digital assets to their mutual fund and pension clients, as well as private and institutional investors.”
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