LONDON: The cryptocurrency arm of Fidelity Investments, one of the world's largest investment managers, has launched its first foray into Europe, opening a new front in efforts to drag digital money into mainstream investing.
Yet it remains to be whether the provision of such services alone by firms like Boston-based Fidelity, which has US$7.8 trillion under management, will pave the way for an influx of mainstream money into cryptocurrencies. Bitcoin almost doubled in value last year, buoyed by expectations of growing mainstream use. Yet bitcoin markets are dysfunctional and plagued by double-digit price swings, opaque price discovery and patchy liquidity.Facebook's high-profile attempt to draw cryptocurrencies into the mainstream with its Libra coin has met with regulatory scepticism globally, with France and Germany pledging to block the currency from operating in Europe.
"We see those three factors slowly resolving themselves, and as a result we are seeing a pick up in institutional investor interest," he told Reuters. Harmonised regulation in the European Union would be useful for service providers, he added.
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