Fidelity International’s Managing Director for Europe, Christian Staub, stated that the investment giant intends to remain part of the cryptocurrency ecosystem. However, due to its volatile and nascent nature, the company will not urge people to buy bitcoin. Furthermore, the absence of pertinent regulation is another obstacle that Fidelity faces. Despite this, the investment firm will remain committed to the asset class.
Crypto to Become ‘More Sophisticated’
Staub believes that the cryptocurrency industry will become more sophisticated in the years to come, but he warned that investors should be ready for enhanced volatility. He expects regulatory coherence to act as an enabler of digital asset adoption. Moreover, as a traditional financial institution, Fidelity wants to remain on top of the topic and educate people, but they need to be cautious about launching new products in the sector.
“It’s hard to predict which coins–even the credible ones–will do well. As a traditional financial institution, we want to stay on top of this topic and educate, but we need to be careful about coming out with products,” he said.
Fidelity considers crypto a critical topic, and they plan to remain at the forefront when the sector unleashes its potential. The entity first made its foray into the crypto sector in 2014. In 2018, it launched its subsidiary, Fidelity Digital Assets, and in recent years, it has allowed investors to add bitcoin to their 401(k) retirement accounts. Additionally, the investment giant has disclosed plans to offer BTC and ETH trading options to retail investors.
In 2022, Fidelity promised to hire more than 100 engineers and 100 customer-service specialists to oversee its crypto business and to help clients. It has also revealed its intentions to join the Metaverse ecosystem by filing applications for NFTs, Metaverse Investment Services, Virtual Real Estate Investing, and more.
