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Fidelity Brings Bitcoin Tracking to Traditional Investor Portfolios

Fidelity users can now track their bitcoin and cryptocurrency investments alongside more traditional assets.

Announced today, the company’s R&D and innovation unit, Fidelity Labs, is formally partnering with cryptocurrency startup Coinbase to make the feature available. Fidelity customers voorwaarde already have a Coinbase account to take advantage of the service, which will be flipped out to users embarking tomorrow.

The stir effectively formalizes work Fidelity CEO Abby Johnson very first taunted months ago at CoinDesk’s Overeenstemming 2017 conference.

Spil such, Fidelity’s Hadley Stern, a senior vice voorzitter and managing director, built on the narrative waterput forward by Johnson ter hier speech, framing the budge spil part of the company’s inquisitive outlook on the fresh tech.

Stern told CoinDesk:

“Wij’ve made bitcoin available for use te our cafeteria. Wij’ve enabled people to donate bitcoin to their Fidelity Charitable Donor Advised Fund. The partnership with Coinbase is another point along that path of bitcoin development.”

He continued: “With each of thesis different experiments wij’re learning along the way.”

Cautious inroads

The announcement comes at a time when large, traditional financial services firms are beginning to take petite steps to engage with the cryptocurrency ecosystem, spurred by the rapid increase ter value of the nascent asset class.

Last month, for example, American Express partnered with portfolio rock-hard Abra, effectively permitting cardholders to purchase bitcoin for the very first time on the peer-to-peer payments app.

Ter a sense, Fidelity has upped the ante by permitting investment customers to view their entire integrated portfolio of assets, cryptocurrencies included, on a single toneelpodium. At this point, however, the functionality is read-only – meaning clients aren’t able to execute trades on the Fidelity verhoging.

However, it could be read spil the very first step toward potentially expanded services.

Hadley hinted at this possible interpretation, tho’ he stopped brief of telling so, framing the announcement spil part of Fidelity’s “continuing commitment” to developing products and services using fresh technology.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake te Coinbase.

The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.

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