Fidelity, JPMorgan
Still, more of the traditional financial world is coming to digital assets. Fidelity Investments, which began a custody service to store Bitcoin earlier this year, will buy and sell the world’s most popular digital asset for institutional customers within a few weeks, a person familiar with the matter said last week. E*Trade Financial Corp. and Robinhood are offering cryptocurrency trading to clients, while JPMorgan Chase & Co. has developed the Quorum blockchain service for corporations and is experimenting with its own digital asset, JPM Coin.
“While we may be the first bank to provide these innovative services, we expect that we will be followed by many other banks,” Jacob Safra, chief executive officer of M.Y. Safra Bank, said in an email.
Bitcoin has more than doubled this year, including a gain of as much as 27% on Monday, extending the wild price swings that have attracted many individual investors to the mostly unregulated coin. The original digital currency gained widespread notoriety when it surged 1,400% in 2017, before tumbling 74% last year.
This article provided by Bloomberg News.