China Wants to Close Foreign Exchange Access Again

Chinese authorities continue their cryptocurrency trading regulation actions
28 February 2018   383

The Chinese authorities continue to struggle with crypto-currencies. They turn their views to the platforms, that allow to trade on the foreign exchanges. This is reported by Bloomberg referring to the source familiar with the situation.

Regulators intend to carry out verification of accounts in Chinese banks and payment systems belonging to individuals and legal entities suspected of organizing trades on foreign crypto exchanges  The assets of the owners of these accounts can be blocked, and they themselves can be denied service.

These measures are aimed at further reducing the number of possible options, which may be used by Chinese citizens who want to buy a crypto currency. To circumvent the ban imposed last year, some companies have opened offshore platforms that allow residents of the country to buy crypto-currencies with the help of bank accounts and payment applications. The source does not give specific figures and names of the platforms, but we can assume that we are talking about such exchanges as Huobi and OKEx, which continue to bind sellers and buyers of crypto-currencies

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   121

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.