American company the asset management Fidelity Investments promised by year-end to introduce its own cryptocurrency projects. Information revealed CEO Abigail Johnson (Abigail Johnson) during the annual conference of FinTech Week in Boston.
“We are in development of several projects, they are partially ready, but is “sitting on shelf”, because waiting for the right moment,” Johnson said. “We hope that some projects will present by the end of the year.”
To disclose details of the projects and persons that they are engaged, the CEO of the company did not. If the promises have been fulfilled by year-end, Fidelity will join a number of major financial players preparing to enter into the cryptocurrency market. Among them, the international financial conglomerate Citigroup, and the largest investment Bank Goldman Sachs.
Institutional investors are often called catalysts for the development of kryptonyte and the next bitcoin rally. However, they are in no hurry to enter the market because of the risks associated with digital assets, and lack of awareness about how a new technology. Many experts believe that participation in the cryptocurrency business, such companies as Fidelity, with a good reputation and years of experience can bring to emerging market institutional investors.
We will remind that it not the first experience of Fidelity in the cryptocurrency sphere. In 2015, an independent public charity division of Fidelity has allowed customers to donate to non-profit organizations in bitcoins. In 2017, during the rise of the cryptocurrency market, the amount of donations in bitcoin exceeded $69 million, or 10 times more than in previous years.
“Then there are many people who have become incredibly wealthy through bitcoin, and they wanted to be philanthropists. We made charitable donations really easy,” explained Johnson.
It is also known that Fidelity is investing in cryptocurrency companies and even deals with mining. In addition, in June there were rumors that the company is looking for developers to create their own exchanges, but Johnson refused to comment for this reason.