A Major Financial Player Has Gotten In On The Crypto Game As Another Bank Flees The Space
The cryptocurrency market has seen a bit of a shakeup after purported stablecoin Tether saw a drop in value despite being pegged to the dollar, which some analysts speculate could cause investors to flee the token.
The drop caused a small surge in the price of other cryptocurrencies including Bitcoin and Ether, which have rallied a bit after suffering some losses last week as optimistic bulls continue to see a rally on the horizon.
Here’s what things look like ahead of noon on Tuesday.
- Bitcoin (BTC): $6609.65 (down .25% in the past week)
- Ether (ETH): $210.35 (down 7.6% in the past week)
- Ripple (XRP): $.455 (down 4.75% in the past week)
- Bitcoin Cash (BCH): $459.80 (down 10.95% in the past week)
- EOS: $5.43 (down 7.55% in the past week)
- Litecoin (LTC): $55.15 (down 5.95% in the past week)
- Tether (USDT): .98 (down 1.55% in the past week)
- Monero (XMR): $106.40 (down 6.3% in the past week)
- Tron (TRX): $.0245 (down 4.4% in the past week)
Fidelity Has Officially Launched A Crypto Trading Platform
Last month, Fidelity said it was planning to launch its own crypto product by the end of the year and it appears they are a bit ahead of schedule after the bank launched a platform that will allow investors to trade Bitcoin and Ether.
According to Forbes, the asset management company is currently onboarding investors looking to get in on the game with the plan of opening up the platform to the rest of their customer base shortly after the start of next year:
Called Fidelity Digital Assets, the limited liability corporation based in Boston will provide enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24 hours a day, seven days a week designed to align with blockchain’s always-on trading cycle.
The goal of the new initiative is to allow investors who are unfamiliar with crypto to get a better grasp on the market— a move that could be a testament to its long-term potential.
However, it appears not everyone is a believer.
Barclays Has Shelved Its Plans To Launch A Crypto Desk
Earlier this year, Barclays announced it was looking into getting into crypto and could potentially launch a desk at some point in the future but it appears that moment is still a bit of a way off.
According to Financial News, the bank has decided to put its plans on ice after exploring its options although no concrete reason was given for why they’ve abandoned it.
Barclays isn’t the first traditional institution to reportedly shelve plans to enter the sphere, as Goldman Sachs also declined to open a desk of its own after looking into it.
Based on recent trends, it would seem like they’re delaying the inevitable, but I guess only time will tell.
Colleges Have No Clue What To Do With Crypto Donations
As anyone who gets monthly phone calls from their alma mater trying to get you to donate money to the school after dropping tens of thousands of dollars for the privilege of going there knows, universities will go to great lengths to fundraise.
However, according to Bloomberg, a few of them are clueless when it comes to cryptocurrencies.
Nicolas Cary, who made bank creating a website where people can set up Bitcoin wallets, recently decided he wanted to give back by donating $10,000 to the University of Puget Sound.
However, the college decided to look a gift horse in the mouth before accepting it:
“I had to do a little bit of convincing for them to accept it.
They wanted to dig in about how it works and what the process would be. We had a lot of conversations.’’
The article notes MIT, Cornell, and other schools have allowed donors to give back via crypto but Yale and Harvard are still hesitant to allow it to pad their laughably large endowments.
Must be nice.