Fidelity Clients Can Now View Bitcoin Holdings on Its Website

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Fidelity Investments Inc is offering an initiative that allows customers to view their Bitcoin balance on their account.

FidelityThe move applies to customers who have a Coinbase account, which is a website that allows you to store the cryptocurrency. The move is an unprecedented one as it marks a major financial institution offering information on Bitcoin values.

Fidelity’s experiment was announced back in May by CEO Abigail Johnson and it is being implemented starting Wednesday. The financial services provider hopes to learn more about the cryptocurrency through the process.

“This is an experiment in the spirit of learning what these crypto assets are like and how our customers may want to interact with them,” Hadley Stern, senior vice president and managing director at Fidelity Labs, the company’s innovation unit, said in an interview. Other budding cryptocurrencies can also be added to Fidelity, including Ethereum and Litecoin.

Fidelity claims that the growing value of Bitcoin was not a factor in making the move. Most financial institutions have been avoiding including cryptocurrencies to its services due to the fact that many of these are still unregulated.

The company believes that Bitcoin and cryptocurrencies could be the future, or at least a preferred mode of payment for many due to the fact that it helps users pay for products with more anonymity.

Bitcoin reached a new high Tuesday, with one exchange selling the cryptocurrency for north of $3,400 per Bitcoin.


Article printed from InvestorPlace Media, https://investorplace.com/2017/08/fidelity-clients-can-now-view-bitcoin-holdings-website/.

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