Abigail Johnson, CEO of Fidelity Investments has recently disclosed that her company is actively working on numerous cryptocurrency and blockchain based products and offerings which are expected to launch at the year-end.
Speaking further to the subject matter, Johnson was not inclined to give further comments as to how her company will foray into crypto space, however, investors and users community are actively focusing on the offerings that the Fidelity is going to introduce. Let us not forget that the new crypto-based concept is all about to create the company’s reputation as it will become one of the most crypto-based large financial service firms worldwide.
Besides this, Johnson profusely said in her statement that “We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.”
The formal announcement of Fidelity’s foray into Crypto space will streamline an entire ecosystem of institutional investment. With the total market capitalization stands $300 billion at present, the company is significantly said to be one of the large firms while focusing on Crypto space.
As per the valid source CCN in June this year, the company was under the hearsay to work on the crypto exchange. With this, the company was expected to have shown its interest in recruiting a fund manager to execute a new cryptocurrency fund. However, the factual information still needs to be confirmed from the company’s end.
Having launched the public charity organization ‘Fidelity Charitable’ in 2015, the company raised almost $6 million in crypto donations in the first six months of 2017. As per the valid comments given by Johnson, the success of the company’s charitable trust lies in the fact that it may transform wealthy crypto entrepreneur into a philanthropist.
Amid this, Johnson stated in her comments that since the company is actively exploring the suitable opportunity on crypto and blockchain technology space by revising various concepts/ideas, its mission is to create sufficient needs of the market before introducing the technology. Further, she said, “What we started with was building a long list of use cases for either Bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense.”
Let us not forget that the growing market of cryptocurrency and digital currency, the company is not inclined to its entire financial services to be taken over by the digital offerings in the future. The company would like to see and analyze the success of this crypto-based business model!!