Topic: Fidelity wins bitcoin trading and custody licence in New York (Read 338 times)
Boston holds a position and this should be taken into account in cryptocurrency, this is for the good. Boston players want to see, and want to see progress in general.
November 28, 2019, 12:53:57 PM
From what I'm reading this is still not official yet and Fidelity itself haven't confirmed it's existence even if it is I don't see them being exempt from another kind of license because their license is considered to be "broader", it maybe broader but it doesn't make Bitlicenses as a second option for New Yorkers to have if they didn't get the NYDFS license, because if they did they are just admitting that Bitlicenses are worthless because a NYDFS which is broader exists.
The filings are public. Nothing about this is unconfirmed.
BitLicense isn't worthless. It just doesn't provide all the privileges that a trust license does. Both licenses are issued by the NYDFS.
Bakkt also pursued (and was granted) a trust license from NYDFS rather than a BitLicense so this isn't a new idea: https://www.reuters.com/article/us-crypto-currencies-bakkt/new-york-financial-regulator-approves-bakkt-trust-license-idUSKCN1V61J4
I don't think that we are on the same page since you are talking about a trust license here which is only applied to the corporation itself operating as a trust company and a Bitlicense can be applied by both consumer and producer and since individuals cannot get trust licenses for themselves it still makes them have an obligation to apply for a Bitlicense which was my point on my first post on this thread, I really didn't talk about Fidelity applying for Bitlicenses in the first place.
November 27, 2019, 03:09:13 PM
From what I'm reading this is still not official yet and Fidelity itself haven't confirmed it's existence even if it is I don't see them being exempt from another kind of license because their license is considered to be "broader", it maybe broader but it doesn't make Bitlicenses as a second option for New Yorkers to have if they didn't get the NYDFS license, because if they did they are just admitting that Bitlicenses are worthless because a NYDFS which is broader exists.
The filings are public. Nothing about this is unconfirmed.
BitLicense isn't worthless. It just doesn't provide all the privileges that a trust license does. Both licenses are issued by the NYDFS.
Bakkt also pursued (and was granted) a trust license from NYDFS rather than a BitLicense so this isn't a new idea: https://www.reuters.com/article/us-crypto-currencies-bakkt/new-york-financial-regulator-approves-bakkt-trust-license-idUSKCN1V61J4
November 27, 2019, 02:30:47 PM
~snip~
The NYDFS trust license apparently encompasses the BitLicense, and more:
Quote
In the report, lawyer Arthur Long said that the trust license is broader than the BitLicense, NYDFS’ typical crypto license, enabling its bearer to operate more financial services such as financial advice.
This is big. It's refreshing to see that a legacy giant like Fidelity has major plans for the Bitcoin market. I think a lot of Wall Street dinosaurs have been waiting for a legacy institution like them before jumping in, for custody and regulatory risk reasons.
The stage is being set for the next bubble.
November 27, 2019, 11:23:59 AM
@exstasie
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
I suppose I'm a nihilist on these matters. It's not a good or a bad thing.......it's just inevitable. One of the legacy giants was bound to do it, and it might as well have been Fidelity given that they've been working with BTC since 2014 or so.
Also, you know, Fidelity manages large pension funds. I can't believe they will invest people's money to gamble in something as volatile as the crypto market is. All this with the money for the pension of senior people.
The first steps are probably brokering and custodying on behalf of institutional clients. Maybe down the road though, yes. Honestly I think BTC won't look so risky a decade from now, from a pensioner's point of view. Time will tell!
November 27, 2019, 08:26:22 AM
The first steps are probably brokering and custodying on behalf of institutional clients.
Yep, they've confirmed as much:
Quote from: https://www.fidelitydigitalassets.com/articles/enabling-institutions-to-access-new-medium-for-assets
We look forward to making our custody and trade execution services available to firms based in New York, the leading financial center in the U.S. We have experienced a high interest level from these firms and anticipate that their increased involvement in this industry would enable more activities and development across the spectrum.
As far as this being a good or bad thing, I completely agree that it ultimately doesn't matter because it's inevitable. There's nothing in place to stop this from happening, and given Bitcoin's anarcho-capitalistic qualities, I've always found that the idea that Bitcoin is somehow for the little guys is quite misguided. I personally don't like it, but at least it confirms that there truly is some institutional demand.
November 27, 2019, 05:16:48 AM
@exstasie
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
I suppose I'm a nihilist on these matters. It's not a good or a bad thing.......it's just inevitable. One of the legacy giants was bound to do it, and it might as well have been Fidelity given that they've been working with BTC since 2014 or so.
Also, you know, Fidelity manages large pension funds. I can't believe they will invest people's money to gamble in something as volatile as the crypto market is. All this with the money for the pension of senior people.
The first steps are probably brokering and custodying on behalf of institutional clients. Maybe down the road though, yes. Honestly I think BTC won't look so risky a decade from now, from a pensioner's point of view. Time will tell!
November 26, 2019, 08:16:08 PM
@exstasie
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
Also, you know, Fidelity manages large pension funds. I can't believe they will invest people's money to gamble in something as volatile as the crypto market is. All this with the money for the pension of senior people.
They should have some sort of fallback or agreement with their stakeholders. They should be clear with the Terms and Conditions and laid out clear to their clients. Transparency is always the best to avoid confusion later on. Being clear on their terms and understandable by layman's terms will make their life's easier as well as to their clients.
Though it is another addition to bitcoin's portfolio, the impact is still unseen on what it can do to its stakeholders.
November 26, 2019, 06:04:08 PM
@exstasie
Inventing the cryptocurrency to avoid the finance gangstas but finally, in 2019 the same gangstas infested us!
To me, Fidelity Inv. is like Blackrock, cancer in the finance industry, not sure if it's a good thing to see them appearing in the crypto space.
Also, you know, Fidelity manages large pension funds. I can't believe they will invest people's money to gamble in something as volatile as the crypto market is. All this with the money for the pension of senior people.
November 26, 2019, 05:19:08 PM
Not so fast the city of New York have what they call "Bitlicenses" and I don't think existing customers from fidelity are exempted from having it so I do think they need to register first before they can be part of their trading activity.
The NYDFS trust license apparently encompasses the BitLicense, and more:
Quote
In the report, lawyer Arthur Long said that the trust license is broader than the BitLicense, NYDFS’ typical crypto license, enabling its bearer to operate more financial services such as financial advice.
This is big. It's refreshing to see that a legacy giant like Fidelity has major plans for the Bitcoin market. I think a lot of Wall Street dinosaurs have been waiting for a legacy institution like them before jumping in, for custody and regulatory risk reasons.
The stage is being set for the next bubble.
November 26, 2019, 03:22:57 PM
New York is indeed one of the most regulated states in the US, but I'm sure that they have enough institutional clients there [~snip~]
I do however not think that we will see many crypto exchanges do an effort to get that license.
I do however not think that we will see many crypto exchanges do an effort to get that license.
I think that it's a good news for Bitcoin and for New York businesses too.
It's a lot of money there and I think that the license will pay off. And when this will happen, more such exchanges will rise.
Of course, the most difficult and risky was to be the first. Again, I think it'll pay off greatly.
November 26, 2019, 02:38:20 PM
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
Not so fast the city of New York have what they call "Bitlicenses" and I don't think existing customers from fidelity are exempted from having it so I do think they need to register first before they can be part of their trading activity. Bitlicenses might also be the reason why Fidelity have been granted this license to operate Bitcoin trading in their city since Bitlicenses are some kind of KYC requirement for their residents in the first place, they might even have done this to encourage New Yorkers to get the required Bitlicenses for themselves.
November 26, 2019, 01:56:25 PM
New York is the only state that has really tough licencing laws. So if they can operate in New York state they can operate in all the states that have looser laws or no laws as well. So about 20-30 states in all.
New York is indeed one of the most regulated states in the US, but I'm sure that they have enough institutional clients there that justifies the license cost and the lengthy process it took to obtain it.I do however not think that we will see many crypto exchanges do an effort to get that license. If there was much retail demand in New York it would have happened already but they can let it slide comfortably.
November 26, 2019, 12:19:20 PM
I hope this will inject some huge funds into Bitcoin. Bitcoin needs this very badly right now in order to gain some upward movement. The market is bearish even if some analysts are saying a lot of positive things of Bitcoin's movements in the charts. And the better thing about this news on Fidelity is that institutional investors will have their chance to play in the Bitcoin arena.
Yes, they will surely put funds on bitcoin and will bring thr liquidation we need to pump the price. Most probably they will add a "digital asset investment" service wherein their clients could easily pick which cryptocurrency they want to invest with. Maybe other financial servicing company would follow them, and will also bring a huge amount of money that could be the key for a new ATH, what do you think? I'm just curious how long it would take to reach the other state? Coz it is only in new york isn't it ?
November 26, 2019, 09:38:32 AM
This is just for New York residents, tho...right? That's obviously only 1 state out of 50 in the U.S., tho it certainly is an important one since its where a lot of big money investors work out of. It would be nice if this was available to at least all the other states, if not other countries.
New York is the only state that has really tough licencing laws. So if they can operate in New York state they can operate in all the states that have looser laws or no laws as well. So about 20-30 states in all.
November 26, 2019, 04:14:59 AM
I hope this will inject some huge funds into Bitcoin. Bitcoin needs this very badly right now in order to gain some upward movement. The market is bearish even if some analysts are saying a lot of positive things of Bitcoin's movements in the charts. And the better thing about this news on Fidelity is that institutional investors will have their chance to play in the Bitcoin arena.
November 26, 2019, 03:54:04 AM
Below is the official link of the news
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
Yes, this is really cool news, which only confirms and gives at least some guarantees for the long-term prospects of cryptocurrencies, so we buy bitcoin and HODL.
November 22, 2019, 03:55:23 PM
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
Yes indeed, and it sounds like a better situation than what exchanges like robinhood offer, where you can *invest* in bitcoin but don't actually control your private keys and you can't make a bitcoin withdrawal. I do hope that will be an option when fidelity starts this, whenever that is. From the article blurb, that's what it sounds like.This is just for New York residents, tho...right? That's obviously only 1 state out of 50 in the U.S., tho it certainly is an important one since its where a lot of big money investors work out of. It would be nice if this was available to at least all the other states, if not other countries.
Not mention New York- it is a big city and have been for a city that never sleeps, well I guess all of the transaction all around the world in the bitcoin network dosn't sleep at all.
New York isn't just a city, it's a state and a big one at that. That might be a bit confusing for people who don't live in the U.S., so it's worth clarifying. 
November 22, 2019, 03:39:41 PM
When you have billions and billions of dollars plus an army of lawyers at your control it is really easy to get something done. USA is a country where people pay more money on healthcare than any other country yet they don't have universal care and go bankrupt ON TOP of the "highest paying country" title, like you are already paying for it, yet you still pay for it on top of the payment you did for the insurance, why?
Because, insurance companies have billions of dollars and army of lawyers, same goes for Fidelity, if we wanted to get that license it would be impossible, not just unlikely but really impossible but they wanted it and got it so quickly with all the influence and power they had. Lets hope they use it for the good of bitcoin and ourselves instead of ruining it.
Because, insurance companies have billions of dollars and army of lawyers, same goes for Fidelity, if we wanted to get that license it would be impossible, not just unlikely but really impossible but they wanted it and got it so quickly with all the influence and power they had. Lets hope they use it for the good of bitcoin and ourselves instead of ruining it.
Very smart move made by Fidelity and I'm sure other providers of financial products & services will follow their lead. I noticed that the financial infrastructure is built at a very rapid pace for Bitcoin and cryptocurrencies. If you ask me that's a clear sign that cryptos are here to stay for the long term and won't enter a plateau. Once BTC investments will be offered by more and more regulated institutions, investors will gain the required confidence to pour more funds into the market, thus increasing the market cap and obviously the price.
Below is the official link of the news
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
The service is very limited. This means it is like private sale that's been done when new projects reach the market. Anyhow this is a big step forward from an financial service rendering firm. As a beginning to the cryptocurrency usage it could've started with the Fidelity Digital Assets and providing access to institutional investors. As days pass it will give way to small scale investment. https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
According to the Financial Times:
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
Quote
Fidelity has been granted a trust licence to offer trading and custody of bitcoin by the New York State Department of Financial Services, as the asset management group continues to woo cautious institutional investors into the “Wild West” of digital assets.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
This is a good news really for the company to have been able to secure the license to carry out this line of business. The point now is to ensure that they are doing the right thing. While this naturally would have negate the principle behind bitcoin as we have come to know that there should not be a custodian rather everyone should be his/her bank without no intermediary but at the this time, there is justifiable reason to deviate because if we want the massive adoption we are hoping for, then the corporate world needs to be involved and accepted into the fold.
According to the Financial Times:
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
Quote
Fidelity has been granted a trust licence to offer trading and custody of bitcoin by the New York State Department of Financial Services, as the asset management group continues to woo cautious institutional investors into the “Wild West” of digital assets.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
Another good news for the crypto space, especially to bitcoin network, things will get lively again. Not mention New York- it is a big city and have been for a city that never sleeps, well I guess all of the transaction all around the world in the bitcoin network dosn't sleep at all.
Ah, I still remember that Fidelity lady talking about Bitcoins years ago, the same lady that went around trying to buy stuff using gold. I've always had a feeling they are going into this market. It seems it's only offering the service to institutions rather than individuals for now but this is a positive development I hope.
At least we are having more money flowing into the market as Wall Street investors start buying crypto.
At least we are having more money flowing into the market as Wall Street investors start buying crypto.
Below is the official link of the news
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
Institutional investors have a lot of money though. And bitcoin and cryptocurrency in general needs an influx of new money.
Below is the official link of the news
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
https://www.fidelitydigitalassets.com/news-perspectives
Fidelity international sets up a subsidiary company to foray into crypto market known as "Fidelity Digital Assets" and the NY license is granted to them!
While it's a good news in general, but their business is open for only institutional investors and not common people like you and I.
According to the Financial Times:
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
it will be good if this news really officially released. with asset management around $2,8tn , fidelity will bring huge liquidity to cryptocurrency market, and ofcourse it will have positive affect to bitcoin or other crypto currency price. most of their money come from whales investors that want earn profit quickly. i think they will suitable invest in crypto market that contained high risk and high reward. my advice dont be hurry to response this news i am just worry its fake and we will trapped . https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
Quote
Fidelity has been granted a trust licence to offer trading and custody of bitcoin by the New York State Department of Financial Services, as the asset management group continues to woo cautious institutional investors into the “Wild West” of digital assets.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
According to the Financial Times:
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
https://www.ft.com/content/eb3fce1c-0a80-11ea-b2d6-9bf4d1957a67
Quote
Fidelity has been granted a trust licence to offer trading and custody of bitcoin by the New York State Department of Financial Services, as the asset management group continues to woo cautious institutional investors into the “Wild West” of digital assets.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
The move allows Fidelity’s new digital assets subsidiary to launch a digital currency custody and execution platform “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to New York residents, the DFS said.
Boston-based Fidelity, which has about $2.8tn of assets under management, made clear last year it intended to take the plunge to offer digital assets services to Wall Street, where other regulated groups have held back from the nascent marketplace.
This is potentially huge. Fidelity has a lot of existing customers who use their online investment services - so making it easy for this group to trade bitcoin may mean a lot of new money entering the bitcoin space.
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