Anthony Pompliano: Fidelity to offer clients option to trade in top cryptos


  • Fidelity will concentrate on the cryptocurrencies by market cap. 
  • Pompliano also shared his thoughts on the recent Binance hack.

Co-founder of Morgan Creek Digital and well-know crypto celebrity Anthony Pompliano said that Fidelity will facilitate the trade of leading crypto assets such as Bitcoin, Ethereum, and XRP to their customers. Financial powerhouse Fidelity is only offering Bitcoin trading to selected clients presently. 

Fidelity had stated that the company would continue to roll out their services over the coming weeks. Pompliano said in an interview that Fidelity will concentrate on the cryptocurrencies by market cap:

“When it comes to trading, you have to remember that most of these institutional investors are not financial organizations, but we’re talking about pensions, endowments, foundations, sovereign wealth funds.

They don’t think about the bottom 99% of these crypto assets. They’re thinking about Bitcoin and maybe you get into like a Bitcoin or XRP, right? The ones that are top of mind for them are these large market cap assets. And so, I think with Bitcoin that’s a natural place for them to start. They may add two or three others but I wouldn’t expect them to go outside the top five assets in terms of trading.”

Pompliano also discussed the recent attack on Binance’s fund, stating that the Bitcoin network itself was not hacked:

“There’s a couple things to really clarify here. So, Bitcoin wasn’t hacked, the blockchain wasn’t hacked. Binance, a private company, was hacked. It was out of a hot wallet, the cold storage was not touched. About 2% of all funds under management it looks like were actually taken.

That is a less secure way to store funds and I think that this is a great reminder to people in the community that – not your keys, not your Bitcoin. We’ve got to understand that in the fiat world, there’s 3,000-plus bank robberies that happened in 2018. So there’s over eight bank robberies every single day just in the United States. There’s going to be bad actors who do bad things in these industries and all we have to keep in mind is this stuff happens, but it will pass and we’ll get through this as an industry.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Rebound attempt after two bloody days

The weekend has left some moves that have generated quite a stir. Bitcoin finally gave way to bass development and took advantage of Sunday to go in search of the EMA50 around the area of $10,000.

More Bitcoin News

Ripple’s partner Santander bank new UK and Poland payment corridor launched

One Pay FX, a banking application powered by Ripple for Spanish banking giant Santander has added another payment corridor between the United States and Poland. An upgrade completed on the app last week enabled instant funds transfer between the two countries but only went live after the official announcement.

More Ripple News

Ethereum price analysis: ETH/USD plunges 24% in line with Bitcoins slide under $10k

Ethereum continued to lose ground following last week’s drop to $260. The second largest cryptocurrency explored the levels to the south failing to find support at $240 and $220 consecutively.

More Ethereum News

R3 blockchain consortium startup contemplates going public via an IPO

According to a report by Bloomberg, R3 a blockchain consortium start is considering going public in an initial public offering (IPO). Bloomberg says sources “familiar with the matter” confirmed that R3 is in talks with various advisers on the same. Details, where the IPO could be executed, are yet to come to light.

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP