Fidelity Digital Assets, the cryptocurrency division of Fidelity, a multi-trillion dollar asset manager, is reportedly planning to expand its range of products and services.
The firm’s decision to introduce new services has come at a time when it has been experiencing a significant increase in trading volume, which may be related to the economic uncertainty resulting from the Coronavirus (COVID-19) pandemic.
The Boston-headquartered firm provides a regulated platform on which users can store and trade Bitcoin (BTC) across several different venues.
These venues have only seen participation from large market-makers, which match customer orders internally after they’ve been routed from Fidelity Digital Assets.
Chicago-based firm ErisX has confirmed that Fidelity can now route orders to its online marketplace.
ErisX is reportedly the first exchange that Fidelity Digital Assets has onboarded.
Fidelity is an equity investor in ErisX, which is presently working on enabling several other integrations with large brokers such as TDAmeritrade and Wedbush Securities.
Thomas Chippas, CEO at ErisX, remarked:
“We believe in the crypto ethos of accessibility to all on equal terms and about leveling the playing field for everyone.”
The integration of ErisX to Fidelity’s crypto asset platform has come when the company has been experiencing a significant increase in its business activities, according to sources familiar with the matter.
Fidelity has reportedly received new requests from several pension funds, family offices, and hedge funds as clients are looking for reliable investment opportunities or safe have assets during these challenging times.
A Fidelity representative stated:
“From a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. And in recent weeks, we’ve seen more momentum across our business, for example, discussions around store of value and digital gold are resonating more with investors.”