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Fidelity International Readies Cryptocurrency Rollout

Originally published on: BTCMANAGER
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July 08, 2019

Fidelity International, the investment service provider’s European and Asian branch, is exploring its customers’ perception of cryptocurrencies through the launch of a trading simulator dedicated to cryptocurrencies, as reported by FN London on July 8, 2019.

Digital Currency Simulator

This move comes amid Fidelity USA taking all the right steps to adopt cryptocurrencies and becoming the first large crypto trading desk in the country.

Fidelity International will launch a game that allows staff to simulate crypto trades with GBP 10,000 (~$12,500) in fake currency. More than 1,200 of the 8,000 member staff are already participating in the game. Participants must anticipate market movements and grow their holdings – a challenging task for a hyper-volatile asset class.

This is a signal to international markets that investments in cryptocurrencies are likely to increase going forward, and Fidelity wants to extend their first-mover advantage globally. Fidelity is looking to provide access to digital assets to their mutual fund and pension clients along with institutional clients.

The game is designed to help the staff learn about Bitcoin and other decentralized currencies to create core competencies in the space for when they launch their service. The simulator will teach players about market dynamics as well as the underlying distributed ledger technology and the economic framework of each cryptocurrency in question.

By the looks of it, Fidelity aims to be a pioneer in the space as they look to be perceived as more innovative and open to risk-taking.

Institutional Bandwagon

Adoption stemming from large institutions has long been touted as the game-changer for digital currencies. While institutions have gotten their foot in the door, nothing too significant has evolved just yet.

Many generalist VC’s have entered the space during bull markets, paid expensive valuations, and forgotten about those portfolio companies as the market corrects. It seems the industry will develop better with capital allocators who have a sound understanding of cryptocurrencies and the various tools it needs to thrive.

The likes of J.P. Morgan and SocGen are a few big names that have already begun toying around with the space, with many more on the way.

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