Fidelity considers XRP, XLM, BCH, EOS and LTC for crypto trading platform

Fidelity’s announcement last month to launch a new platform for institutional investors – Fidelity Digital Asset – has raised many positive expectations. Tom Jessop, CEO, said now at the Block FS conference in New York that Fidelity will offer more crypto currencies than just Bitcoin and Ethereum.

The Fidelity crypto currency subcontractor, Fidelity Digital Assets, a multinational financial services company, will add more crypto currencies to its platform than Bitcoin and Ethereum, according to Tom Jessop’s statements at the Block FS conference in New York, as reported by CoinDesk. According to Jessop, Bitcoin and Ethereum were selected as the first two bids, mainly due to their market capitalisation and brand names.

Jessop praised the inclusion of further crypto currencies due to the high demand of its more than 13,000 institutional customers. In total, Fidelity holds more than $6.8 trillion in total client assets, with approximately 27 million clients.

Jessop did not specify the cryptos to be added, but gave a hint when he said that “there is a demand for the next four or five in the rank of market capitalization. So we’ll take a look.” At the moment, this would mean that XRP, Bitcoin Cash, Stellar, EOS and Litecoin could become part of Fidelity’s Digital Asset offering.

When it comes to adding new coins, the company pays close attention to what customers want next. In addition, one of the most important considerations is whether a particular coin is likely to be considered a security. Jessop said to it:

I think that when it comes to securities tokens or tokens that are probably considered securities, we are waiting for this space to develop.

Although it is not a stock exchange, Fidelity clients have access to a trade execution platform, custody functions and advice from business experts. Jessop recently told CNBC that Fidelity, a leading provider of legacy solutions, was in the perfect position to leverage its experience and technology in the emerging world of crypto currencies.

We saw that there were certain things that institutions needed that only a company like Fidelity could offer. We have some technologies that we have adopted from other parts of Fidelity. We can use all resources of our big company.