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Fidelity Launches Institutional Crypto Data Analytics Platform

Fidelity Investments' latest product is designed to help institutional clients with their crypto investments.

Actualizado 10 abr 2024, 2:53 a. .m.. Publicado 1 may 2021, 2:49 p. .m.. Traducido por IA

Fidelity Investments, one of the world's largest asset managers, has launched Sherlock, a digital asset data and analytics platform for institutional investors.

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  • Institutions ranging from crypto native investors to traditional asset managers will be provided a variety of data and analytics including news, research, and social media, the company said in a news release.
  • "It's been exciting to see the tremendous growth in the digital assets data space over the past few years," Kevin Vora, vice president of product management at Fidelity Center for Applied Technology (FCAT), said in the release. "And while the market is maturing rapidly, we've heard from institutional investors that there's a need for a comprehensive and accessible data solution."
  • The financial service provider, which has more than $10 trillion assets under administration, officially launched its crypto asset division, Fidelity Digital Assets, in 2018, offering enterprise-quality custody and trade execution services for cryptocurrencies to institutional investors.
  • An affiliate of Fidelity also applied for a bitcoin exchange-traded fund in the U.S. market in March, according to a filing with the U.S. Securities and Exchange Commission (SEC).
  • The asset manager giant previously joined a $1.9 million seed round in blockchain data startup Coin Metrics in 2019.
  • At press time, bitcoin's changing hands at $57,532.68, up 2.22% in the past 24 hours, according to CoinDesk 20 data.

See also: Fidelity Digital Assets’ Research Director Leaves to Join Castle Island Ventures

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Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster

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Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.

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  • Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
  • Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
  • Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.