The Bitcoin acceptance on Wall Street is real: Just a 2.8 trillion Dollar financial giant has received a license to Trade and Store Bitcoin.
The Boston-based firm Fidelity announced today that it is from the “New York State Department of Financial Services” (NYDFS) has been given permission Bitcoin Trading and Custody services. The move allows the company, specifically tailored to institutional investors tailored, digital currency platform to introduce.
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The NYDFS is that investors can buy on “Fidelity Digital asset” Bitcoin, sell, store, and transmit. COO Michael O’reilly confirmed that in its press release and declared that the consent of the NYDFS could help to make Bitcoin investments for large investors more comfortable.
Excerpts:
“The Custody and Trade Execution services are essential building blocks for the further use of digital Assets by institutional investors. The appointment to the New York trust company under the supervision and examination of the DFS builds on the credibility and the trust that we build with institutions and other market participants.“
Big Money is now coming to Bitcoin?
Institutional investors held so far, a certain safety distance to the Bitcoin industry. Lack of regulation, price manipulation, and a growing number of fraud and Wallet Hacking incidents, Bitcoin as a risky investment alternative appearance.
After financial giants like Fidelity, Intercontinental Exchange, VanEck, TD Ameritrade and others announced plans to bring regulated Bitcoin Trading products on the market, projected Trading pundits, however, a mass influx of institutional capital into the crypto currency space.
At the same time, investors have started with a high level of risk-taking already, Bitcoin and other related instruments in their Portfolio. Foundations of Harvard and Yale University, as well as two Virginia-based pension plans have invested in recent time, large sums of money in the field of cryptocurrency and Blockchain.
In addition, the rise of the Bitcoin price in the second quarter compared to the Yuan depreciation and the US showed America’s trade dispute with China, is that large investors consider the cryptocurrency as a random, secure Asset.
Bitcoin, established in 2019, a year high of 14,000 $, tensions in trade between the U.S. and China escalated, and the Yuan to be six-year Low, fell.
NYDFS has issued 23 crypto-currency related companies to the approval. At the beginning of the year, the authority allowed Bakkt, one of the Intercontinental Exchange supported Digital Asset platform, Bitcoin deposits and derivatives to offer.