Institutionalized investors are paying more attention to Bitcoin than ever before. That is not entirely surprising by any means. Bitcoin is one of the best-performing assets in the world today. Fidelity Labs is partnering with Coinbase to user platform users track Bitcoin and cryptocurrency investments. This is another validation of how cryptocurrency will not disappear anytime soon. A brave move by Fidelity, although one that will certainly be appreciated by its users.
It is good to see established financial entities pay attention to Bitcoin. The cryptocurrency can no longer be ignored, that much is more than obvious. Fidelity users can now track cryptocurrency and Bitcoin investments alongside traditional assets. This tool is developed in conjunction with Coinbase, one of the bigger cryptocurrency exchanges. The service will go live as of tomorrow, August 10th, and can be used free of charge by existing Fidelity users.
Fidelity Unveils a Vital Price Tracker
It has to be said, Fidelity has been teasing a Bitcoin move for some time now. It was unclear what the company had in store so many months ago.They hinted as integrating Bitcoin and cryptocurrency into their platform one way or another. However, without going into specifics, there was a lot of room for speculation. This price tracker is more than a powerful tool for institutional investors, that much is evident. Everyone wants to keep an eye on cryptocurrency these days, for obvious reasons.
Do keep in mind this is still merely an experiment more than anything else. Fidelity Labs are not officially endorsing Bitcoin investments or any other purchase related to cryptocurrency. However, large financial firms are taking small steps to engage with cryptocurrency in general. Price tracking tools are the obvious first step in this process, for now. It will be interesting to see what the future brings next in this regard. As the value of Bitcoin and other currencies keeps going up, there will be more demand for tools like these.
This latest partnership comes on the heels of other similar ventures by other companies. American Express partnered with Abra to make the purchase of Bitcoin more convenient. Fidelity has also started accepting Bitcoin payments in their cafeteria, not too long ago. There are currently no plans to integrate trading facilities into the FIdelity platform, though. That is only to be expected, as cryptocurrency-related exchange features are subject to very different regulation compared to more traditional offerings.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.