Earlier in the month, President Donald Trump of the United States became the latest world leader to have his say about Bitcoin (and cryptocurrencies in general. Though his opinion was far from complimentary, the interest of the leader of the free world in cryptocurrency has sent a clear message—bitcoin is not in the small league anymore.
In light of the continuously growing interest in bitcoin coming from individuals and institutions, it is only a matter of time before bitcoin becomes a common currency—or store of value—globally. It is, therefore, no surprise that notable institutions are not only going into cryptocurrency but are preparing for an era when bitcoin has a much broader and important role in society. In Bitcoin News Today, we see how Fidelity is pushing new cryptocurrency frontiers and Coinbase is taking cryptocurrency services beyond crypto trading.
Fidelity’s Cryptocurrency Division Applies for More Comprehensive Financial License
Fidelity is moving to improve its cryptocurrency services beyond what other cryptocurrency service provider’s offer in the United States through its Crypto branch. Months after its launch, Fidelity Digital Assets Services (FDAS) recently applied for a New York Trust License which will allow it to offer broader financial services than is allowed with the regular BitLicense. This is according to the cryptocurrency news outlet, The Block.
The New York Bitlicense, which is not particularly easy to obtain, allows firms to perform basic virtual currency activities including issuance, custody, and exchanges. With a license to operate as a trust in the State, FDAS will be able to offer services like financial advisory along with its crypto custody services.
Coinbase to Become More than a Trading Platform
Cryptocurrency exchange seems to the most viable businesses in the crypto space as bitcoin resonates mainly among traders and investors. While the adoption of bitcoin in commerce has struggled over the years, cryptocurrency trading has continued to boom and hence has headlined cryptocurrency activities. Coinbase, one of the biggest cryptocurrency exchanges in the United States and a major beneficiary of the traffic of bitcoin traders is aiming to become even more.
In line with its ethos of creating a new financial system, Coinbase CEO Brian Armstrong has affirmed that the firm is working towards an era of more adoption of bitcoin. In a recent Ask Me Anything (AMA) session, Armstrong explained that the crypto company will move beyond trading in the next 5 years. Currently, Coinbase has platforms, crypto wallets, and a suite of cryptocurrency trading tools to satisfy the needs of a wide range of crypto traders—retail, pro and institutional.
He also predicted that bitcoin will go mainstream in the shore to medium term. According to him:
“In five years I hope that we’ll have it [Coinbase Earn] even further beyond that. There’ll be thousands of companies that’ll be crypto-first.”
Bitcoin Price Today – BTC Price Analysis
At the time of writing, bitcoin is trading at $10,400 to the USD showing less than one percent loss from the BTC price in the last 24 hours. As bitcoin observers hope for a sustained bitcoin recovery, BTC is currently up about 4 percent in the last 7 days.