Tom Jessop, the head of Fidelity Digital Assets, one of the world’s biggest financial services providers created by Fidelity Investments, delivered some of the company’s visions in 2020 in a recent interview with The Block published last Dec. 13.
As per the interview with the news outlet, Jessop stated that the firm had done a lot of labor on Ethereum when he was asked about their plans of offering custody for cryptocurrency. FDAS was established in early 2019; the firm has been catering cryptocurrency custody and trading tools for institutional stockholders and traders and had only been supporting Bitcoin. But Jessop confirmed that he intends to make changes in the next year and could start providing support for Etheruem, so long as the clients demand it.
Notably, in October, Kathleen Murphy, Fidelity’s personal investing president, said that the venture is committed to securing their clients and is very cautious in selecting their markets. She said that although the firm is open to the growth and development of cryptocurrency, they are still reluctant to expand using the platform. Interestingly, they are now planning to go through alterations next year.
Also, in the interview, Jessop added that the shortage of history serves as one of the hurdles to institutionally adopt a given digital currency. Since Bitcoin has the most substantial history, it consistently has the highest demand from institutional assets compared to other currencies like Ethereum. The latter has a shorter track record, which is why Fidelity is not yet supporting it.
As CoinMod reported in October, Ether futures could hit the market soon. And according to Jessop, 2020 might be the year for FDAS to follow the trend and offer institutional funding for Ether.