BitCoin trading has become a new and improved form of trading that traders are beginning to utilize, but it is not an easy trading instrument for brokers. Fidelity has been offered a trust license for trading and custody of BitCoin by the NY Department of Financial Services (DFS), since the investment brokerage firm has managed to persuade careful traders into the world of digital currencies. The transition permits Fidelity to launch their new digital currency platform, where traders can safely story, buy, sell, and transfer BitCoin to other New York citizens.
Fidelity and What it Plans to Do?
Fidelity is a Boston-based broker firm that is currently looking at the digital assets service to Wall Street, an element that a fair few brokers have dared to achieve. “The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” Michael O’Reilly stated, CEO and senior management officer of Fidelity Digital Assets. The designation as a New York trust company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing among institutions and other market participants.” He also added that the group plans on continuing as a main player in “supporting the maturation of the entire ecosystem” and introducing digital assets like BitCoin to Wall Street.
In October, another senior management staff and chief executive, stated to the Financial Times, where they have begun an experiment for fun that had turned into a serious endeavour to build a practical and feasible crypto-custody established for hedge funds, financial advisors, and family offices. However, safeguarding crypto-assets has been a constant concern for traders in institutions since the exchanges have been dabbled with and hacked into. Despite that, there are traders that have surged forward in the unpredictable crypto-currency markets, and they have been surprisingly optimistic with Facebook’s digital currency, Libra.
BitCoin On the Rise
The price of BitCoin has been on the rise in 2019 now, than it has been in the beginning of the year. Until now, New York has allowed twenty-three of the highly coveted licences to different firms that are involved in digital currency activities in the state. There is constant activity from New York to encourage digital assets and to be used as a hub for crypto-currency activity, along with Switzerland and Malta.
“This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry,” stated by Linda Lacewell, the DFS’s supervisor of financial services.