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Institutions Are Here — World’s Largest Asset Manager Rolls Out Crypto Trading and Announcements From EY, Samsung & Thomson Reuters


Ethereum Price: $175.29
Ethereum Price (BTC): 0.021260BTC
Market Cap: $18.97B
ETH Network Dominance*: 69.69%
7 Day Candle**: $183.19 / $188.98 / $168.34 / $175.29

Fidelity Investments, one of the world’s largest asset managers, announced last week that they had rolled out a fully fledged cryptocurrency custody and trading service to their clients. The announcement comes a year after the company launched Fidelity Digital Assets, which began as a custody service for a new class of wealthy Bitcoin holders before becoming a broader tool for institutions globally.

The company’s CEO, Abigail Johnson, has long been interested in cryptocurrencies, investing $200,000 in a Bitcoin mining farm in 2014 and raising the eyebrows of an entire industry in the process. Yet, in the words of Ms Johnson, cryptocurrencies are “not going away”.

Of course, Ms Johnson is exactly right. While patience may be wearing thin for the millions of investors who saw the opportunity for overnight riches in 2017/18, the infrastructure that has been developed – both financial and technological – over the last 2 years has been nothing short of phenomenal. The tired old mantra – “the institutions are coming” – may not seem so far-fetched after all.

Indeed, institutions appear to be investigating this space with ever-growing ferocity, led largely by one of the most prolific enterprise blockchain researchers in the space, EY. The company announced last week a blockchain-based platform for helping governments manage public funds with a goal of making spending more efficient, transparent and accountable.

Samsung’s enterprise arm, Samsung SDS, also hopes to create a blockchain-based medical insurance network built on their enterprise blockchain platform, Nexledger, which can be deployed to Hyperledger Fabric or a Proof of Authority version of Ethereum.

And last week, Thomson Reuters released details of a proof of concept they are working on in partnership with – creating automated legal contracts that can be used by lawyers today (built on Ethereum).

In the meantime, Ethereum developers continue to work and iterate on their ETH 2 implementations, with Prysmatic Labs releasing further improvements to their software. The client is available to download on GitHub and is currently live on the Goerli test network.

Tether (USDT) is now within spitting distance of migrating the majority of its coins away from Bitcoin and onto Ethereum – a “flippening” that has been expected for some time now. And on the topic of stablecoins, ZeroHedge republished a Medium post speculating on Ethereum’s potential value as a network for stablecoins alone. The article is insightful, but perhaps moreso are the 100+ comments left by ZeroHedge readers, which highlight the widespread and largely misinformed negativity that the public feels towards all that is cryptocurrency – particularly Ethereum. These speculators are the high-profile internet-doubters of the 1980/90s, but now distributed to individuals on a global scale. Scepticism gone mad.

While the price of Ethereum continues to take one step forward and two steps back, key fundamentals are again showing signs that they are strengthening, forming a foundation that will no doubt be critical in supporting the next – seemingly inevitable – bull run. The hard but still unrealized work continues…

– Nick, Owner

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Nick Founder