Galaxy Digital Hldgs (OTC:BRPHF) – Galaxy’s Mike Novogratz says Fidelity will soon transition from retail to crypto: report

Galaxy Digital Backgrounds BRPHF founder and CEO Mike Novogratz claimed to have heard that Fidelity Investments will “switch retail clients to crypto soon,” according to a Bloomberg report.

One of the major institutional funders of digital assets is Fidelity, which announced earlier this year that it will have a product in the coming months that would allow participants in 401(k) plans to invest a portion of their money in bitcoin.

“A bird told me that Fidelity was going to transition its retail customers to crypto soon enough,” Bloomberg quoted Novogratz as said at the SALT conference in New York on Monday.

“I hope that bird is right. So we are still in this institutional march and that gives crypto its floor,” he added.

Also Read: After Predicting Bitcoin at $100,000, Crypto Analyst Anthony Pompliano Now Says “Price Predictions Are a Fool’s Game”

Galaxy Digital is Fidelity’s first depository customer

Meanwhile, according to a CCN reportFidelity Digital Assets’ first alpha crypto custodial client is Galaxy Digital, which is listed on the TSX-V exchange in Toronto.

This week, Fidelity, the world’s fourth-largest asset manager with $7.2 trillion in assets under management as of October 2018, introduced Fidelity Digital Assets, a subsidiary that will provide institutional investors and accredited investors with alternatives for crypto custody.

Fidelity’s 27 million consumers and 23,000 businesses will have access to the platform’s infrastructure and services to invest in the cryptocurrency market, according to the report.

In a press release, Abigail JohnsonCEO of Fidelity, said the company’s long-term goals for the cryptocurrency market include expanding access and improving the infrastructure supporting the asset class.

Photo: Courtesy of Acuity funds on flickr