The subsidiary of Fidelity Investments (FI), Fidelity International (F Int.)is getting that bit closer to entering the crypto space which could see Bitcoin surge.
FI has already set up a custody operation called fidelity Digital Assets.
A report in the finance news states that someone close to the matter has confirmed that “staff across various parts of the international business” are looking into blockchain technology.
On top of this, the newspaper, the parent company is close to getting its trading desk live.
More proof of an increase in crypto adoption is surfacing as one of the world’s biggest fund managers comes from the fantasy crypto trading game it’s been running internally for staff at the international arm.
Trading Game
Fidelity has over 8,000 workers under its belt with 1,200 staff already playing the in-house crypto trading game. Starting off with $10k in cryptocurrency, the player is tasked with building a portfolio of crypto. The players that end up with the biggest returns can potentially win cash prizes.
The idea of the trading game was announced at an industry conference in June by the Chief Executive, Anne Richards.
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.”
Institutions are already showing a big interest in the crypto market and especially Bitcoin. Institutions are thought to be among the key buyers when the price was under siege during the crypto winter. Fidelity Digital Assets will have assisted institutions to onboard into the sector.
Speaking of Fidelity’s future plans, the executive director at the crypto industry body Global Digital Finance, Teana Baker-Taylor said:
“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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