Bitcoin news

FDAS tightens agreement for institutional investments

Fidelity Digital Assets (FDAS), the digital currency division of investment firm Fidelity, has partnered with a crypto London-based asset manager in order to exhibit Bitcoin to institutional investors in Europe.

What FDAS will do

According to what has been shared with the media, FDAS will act as custodian for i Bitcoin held by Nickel Digital Asset management.

The partnership was designed to help address the lack of back-office services, such as the safekeeping of crypto currencies, among the major financial providers, in an attempt to bring digital coins more into the mainstream.

Launched in 2018, FDAS offers services of dealing e custody of the cryptocurrency to companies and finance companies.

Chris Tyrer, European Head of FDAS, commented on the news by stating how the obstacles for institutional investors participating in the cryptocurrency - regulation, the quality of service providers and volatility - are decreasing.

"These three factors are slowly resolving, and as a result we are seeing a recovery in institutional investor interest," he told Reuters. Tyrer also said that harmonized regulation within the European Union would be beneficial for service providers in the cryptocurrency ecosystem.

The British division of Fidelity will only provide support on Bitcoin, initially, but reportedly plans to expand its cryptocurrency range in 2020; last month, the company hinted that it could launch support forEthereum in the new year.

A bullish move for Bitcoin?

As reported by NewsBTC, the company obtained a license from the Department of Financial Services of New York (NYDFS) in November.

The "statute of limited trust company" allows it to launch a platform for the safekeeping and execution of cryptocurrency services "on which institutional investors and individuals can store, buy, sell and transfer Bitcoin safely "to New York residents, said the financial regulator.

Of course, it is obvious how Fidelity's new adventure in Europe speaks volumes about the rapid maturation of the cryocurrency markets on the continent. Last month, for example, the German parliament proposed a bill that, in 2020, would allow banks to treat and keep cryptocurrency as if it were cash. The main German legislative body is considered a sort of "tastemaker" for the European Union, and the news has been received with the general expectation that EU banks will be able to undertake massive cryptocurrency implementations in the near future.

Second Binance, these institutional pushes are a bullish sign for Bitcoin as we move towards 2020. “The industry will get bigger and when the industry gets bigger the price will go up. We are also seeing a growing interest from institutional players which also indicates a more bullish market in 2020 "- said the operator.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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