Fidelity’s crypto venture fund is once again on the move. Utilizing capital funds from the company’s coffers, Fidelity originally launched their funding during Fall of 2017, investing in cryptocurrencies and crypto-related businesses.
The project was placed on hiatus after two key members, Former Vice President Matt Walsh, and former research analyst Nic Carter, left the company in order to start Castle Island Ventures, a venture capital firm aimed at Crypto.
After long last, Fidelity fund is back in action with long-time equity analyst Sachin Patodia leading the way. According to a post made by The Block, the rebooted crypto fund is being described as “bigger” than its original iteration.
During its previous year, Fidelity successfully launched an exploratory service with Coinbase for its users.
According to an article published by Business Insider during August 2017,
“The service was previously tested with Fidelity employees, and is now being provided to clients. It allows Fidelity investors who already have a Coinbase account to view their cryptocurrency investments in their Fidelity portfolio alongside their mainstream holdings.
Fidelity users can authorize Coinbase – which allows users to buy and sell digital assets – to provide the fund manager with data on their Bitcoin, Ether, and Litecoin holdings on the exchange. Fidelity said customers can only view their holdings for now, and didn’t confirm whether trading might be enabled later.”
With an estimated amount of $6.8 trillion under management, Fidelity has become one of the top traditional investment firms expected to be welcomed by Wall Street’s interest in and increase it’s exposure to the nascent asset class.
With Fidelity once again funding crypto-related businesses it’s going to be quite interesting to see what money the decide to place their bets on.
What upcoming start ups are you hoping to see funded by Fidelity?
Let us know your thoughts?