Fidelity Digital Assets Exploring XRP, Stellar, Bitcoin Cash, EOS and Litecoin for New Crypto Trading Platform
Fidelity is considering the addition of five cryptocurrencies to its new crypto trading and custody platform for institutional investors. It currently offers Bitcoin and Ethereum.
At the Block FS conference in New York, the head of Fidelity Digital Assets Tom Jessop told CoinDesk that the platform may add XRP, Stellar, Bitcoin Cash, EOS and Litecoin.
“I think there is demand for the next four or five in rank of market cap order. So we will be looking at that.”
According to Jessop, Bitcoin and Ethereum were picked as the first two offerings largely because of their market cap and brand name recognition.
When it comes to adding new coins, the company is paying close attention to what clients say they want next. In addition, one of the main considerations is whether a given coin is likely to be deemed as a security.
The financial giant revealed Fidelity Digital Assets in October. The platform already offers crypto services to more than 13,000 clients.
Jessop told CNBC that Fidelity, a legacy leader, is in the perfect position to leverage its experience and technology in the emerging world of crypto.
“We saw that there were certain things institutions needed that only a firm like Fidelity could provide. We’ve got some technology that we’ve repurposed from other parts of Fidelity. We can leverage all of the resources of a big organization.”
Fidelity holds more than $6.8 trillion in total customer assets, with approximately 27 million clients.