Fidelity's Foray Into Bitcoin Likely To Boost Crypto Appeal
Richard Levin quoted in Law360.
By: Tom Zanki
Fidelity Investments’ plans to form a stand-alone company that will enable hedge funds and other professional investors to store and trade cryptocurrencies like bitcoin could potentially pave the way for more institutional investment into the fledgling asset class.
The expected launch of Fidelity Digital Asset Services LLC could potentially solve certain legal and practical problems, attorneys say, that have so far limited institutional investment in bitcoin and cryptocurrencies in general, whose prices have plunged this year amid widespread volatility. Against that backdrop, Fidelity is seen as among the first Wall Street giants to lend their names in servicing the crypto market.
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