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Is the cryptocurrency epicenter moving away from East Asia? – Cointelegraph Magazine

Is the cryptocurrency epicenter moving away from East Asia? – Cointelegraph Magazine
cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.

Custody Business around Bitcoin Is Incredibly Successful , Says Fidelity CEO

You have successfully joined our subscriber list. From the time it began Bitcoin mining operation in 2016, Fidelity has been working to bring the future of cryptocurrencies into the legacy world. Fidelity Investments CEO Abby Johnson revealed that it has become hard to track all the developments in the crypto sector since the previously discussed things are now turning out to be a reality at a fast pace. During an interview with Barron’s, Fidelity CEO says there has been an “incredibly successful” run around Bitcoin for the mutual fund giant’s custody business. She also added that business has a ‘tremendous pipeline.’

Fidelity Digital Assets starts holding BTC as collateral for cash loans

This offering targets investors that seek to convert their BTC into cash without selling. Fidelity Digital Assets will only hold the BTC and will not play any part in setting loan terms. Per BlockFi’s CEO, the firm will offer cash loans worth 60% of the backing asset. Fidelity Digital Assets, the crypto arm of Fidelity Investments, a leading asset manager, has joined hands with BlockFi, a renowned crypto lender, to let its institutional investors pledge BTC as collateral against cash loans. A report unveiled this news on December 7, noting that Fidelity Digital Assets would only hold the crypto and will not play any part in setting loan terms. Reportedly, this offering targets BTC investors that seek to convert their BTC into cash without selling. As such, potential customers will be hedge funds, crypto miners, and over-the-counter (OTC) trading desks.

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