Fidelity Investments Starts Mining Cryptocurrency

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Fidelity Investments Starts Mining Cryptocurrency
One of the country's top brokers is aiming to work with cryptocurrency.

Fidelity Investments is one of the top brokerage firms in the United States. The group has been trusted by many for helping with managing traditional investment trades plus with supporting mutual funds and other long term investments that people hold. These especially include many retirement funds that people mind have.

But now Fidelity might be dipping its toes into the cryptocurrency field. The firm has been mining cryptocurrency in recent time. This could be a sign of Fidelity possibly offering cryptocurrency investments in the future. It comes as the market is growing and other investment brokers may be considering getting into the field a little further.

Specific Points

Fidelity has revealed in a report with Fortune that the firm has been using its computers to mine some cryptocurrencies in recent time. In the past three years, Fidelity has been working on Bitcoin and Ethereum mining actions. The firm says that the mining process has been rather profitable and lucrative although no real specifics were introduced about what is happening here.

Fidelity is working on this as a means of understanding how well certain cryptocurrency functions can work. Much of this entails looking at how the network for mining works and how the community operates. The learning process may help with producing a better investment product in the future.

Fidelity’s decision to invest in the Bitcoin and Ethereum is important to its actions. These two currencies are the most popular in this rising field with no other option coming near it. This means that Fidelity is getting into the field with coins that might be easier to trade and could be liquid assets that are also stable in nature. The potential for these investments to weaken in value will be very minimal.

Working With Coinbase

The move from Fidelity to work on mining processes comes amid a recent development with Coinbase. Fidelity allows users to view cryptocurrency prices listed by Coinbase. These are highlighted alongside the other investments that have been made available from Fidelity. This in turn could improve upon how well different investments are used by Fidelity.

This especially works well to the benefit of Coinbase as it is the largest cryptocurrency exchange in the world. The site is popular for how it makes it easy for people to buy and sell coins although there is a possibility that Fidelity might offer its own trading actions just as well.

Other Groups’ Actions

Other brokerage firms around the United States have expressed a desire to look into cryptocurrency but it is unclear as to what they might do with it. Goldman Sachs and JP Morgan have been considering this investment option. JP Morgan in particular is taking orders for bitcoin-based investments although it is uncertain as to how those would work in particular.

The potential for Fidelity to offer more with cryptocurrencies in mind is important to notice. With cryptocurrency trading becoming more popular, there is a chance that Fidelity might start to offer this investment option to go alongside others that are available through the firm.

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