Fidelity, Other Investment Firms Form Crypto Trade Group – ThinkAdvisor


What You Need to Know

  • Crypto Council for Innovation will focus on government relations, education and the publication of research on key issues.
  • Its members are Fidelity, Coinbase, Square and Paradigm, an investment firm which convened the group.

Fidelity Investments and three other investment firms have formed a trade group to educate the public, governments and institutions about cryptocurrency assets and to promote “responsible regulation” of those assets, they say.

In its inaugural announcement, the Crypto Council for Innovation said it aims to show the promise of “this transformational technology” and to separate “fact from perception” through government relations, education and the publication of research on key issues.

“The recipe for good policy requires convening regulators and industry to devise solutions together,” according to the announcement.

In addition to Fidelity, the council includes Paradigm,  a crypto-focused investment firm based in San Francisco which convened the council; Square, a company that provides mobile payment solutions, has invested at least $200 million in Bitcoin and is led by CEO Jack Dorsey, who also is Twitter’s CEO and cofounder; and Coinbase, an online platform for buying, selling, transferring and storing digital currency.

“Strengthening the digital assets ecosystem through research and collaboration has been a focus for Fidelity for many years because we believe that this technology and digital assets will represent a large part of the financial industry’s future,” said a spokesperson for Fidelity Digital Assets, created in 2018 to provide custody and trade execution services for crypto assets owned by institutional investors like hedge funds and family offices.

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“Initiatives like the Crypto Council for Innovation allow us to work with other leaders in the ecosystem to create sustainable solutions that advance our industry and enable broader adoption,” added the spokesperson.

Gus Coldebella, chief policy officer at Paradigm and one of the organizers of the council, said in a statement that the council’s work  “will require sharing insights and analysis about crypto, while correcting the misperceptions that inevitably accompany a transformative new technology.”

Growing Interest in Crypto Assets

The council’s formation is among the latest steps that financial firms have taken to popularize investments in crypto assets, whose numbers are steadily growing.



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