Fidelity Investments announced on Wednesday that its clients can now view their holdings of Bitcoin and other cryptocurrencies held through digital wallet provider Coinbase. The process is much like linking your other bank accounts so you can see your entire financial picture in one snapshot.
The initiative is a first among the major financial services companies. Through the experiment, the company said it aims to learn more about digital currencies. Coinbase enables users to buy and trade Bitcoin as well as other digital currencies like Ethereum and Litecoin.
The announcement comes as no surprise as Fidelity CEO Abigail Johnson is one of the highest-profile members of the financial services industry to back Bitcoin. Fidelity to date has worked with Coinbase to allow charitable giving in bitcoin (clients have donated $8 million so far), enabled bitcoin payments in its cafeteria (fewer than 100 employees have tried it) and is studying applications for distributed ledger technology.
“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself,” she said.
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