Traditional Financial Services Provider Will Trade using Cryptos
Fidelity Investment, a financial services provider famous for cybersecurity, recently announced the launching of a crypto trading platform and client services dedicated to cryptos. The firm intends to meet the need of its clients, mainly institutional investors, for security and compliance when dealing with cryptocurrencies by providing high-quality services and scalable infrastructures. By launching this platform, Fidelity could foster the retail investment market, currently suffering from high price volatility and a lack of regulatory oversight. Recent hacks affecting cryptocurrency exchanges, which have sometimes led to mass thefts of cryptos, have also cast further doubts on the sector. Financial services providers have reacted to crypto trading in many ways. For example, JPMorgan recently stopped processing credit card purchases of cryptocurrency. On the other hand, other institutions like Barclays, HSBC and Citigroup have simply exerted additional caution when dealing with such trades. Finally, some providers like Fidelity Investment, Goldman Sachs and Morgan Stanley are attempting to meet the market’s demand for serious intermediaries that can provide effective services to companies interested in buying cryptos.
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