Large Investment Firm Admits It's Mining its Own Coin

Fidelity Investments, led by a bitcoin enthusiast, continues its push into the crypto space, and is now mining its own coins and making a profit.

Fidelity Investments, one of the world’s largest financial houses, continues to show it’s stepping out of its comfort zone. It’s being reported that it has further pushed into the world of cryptos, and is now mining Bitcoin and Ethereum.

The reports state that the company was making good on its hint in early 2017 that it would begin mining its own coins. What started as a mining project for educational purposes has mushroomed into an operation that is “making a lot of money,” Fidelity CEO Abigail Johnson reportedly said.

Cafeteria food and Bitcoin

One of the last big headline-making events about Fidelity and cryptos was its allowance for employees to pay for their meals at the company’s cafeteria using Bitcoin. At that time, Fidelity CEO Abigail Johnson, mentioned that the company had started mining its own coins.

However, it wasn’t to the extent that it is now, according to these reports. In addition to the mining, there have been other considerable plays made by Fidelity that are related to Bitcoin. For example, the company has picked up its investments in helping businesses in the Bitcoin space. For universities, Fidelity wants to help them take advantage of the growing in popularity Blockchain.

For the customer

Fidelity customers who have accounts with Coinbase now enjoy the luxury of viewing their cryptocurrency balances on the company’s website.

For many in the industry, Fidelity’s steps are not that surprising. That’s because CEO Johnson has been a strong advocate of cryptocurrencies, and she has noted on several occasions that she is a holder.

For those reasons, many believe that these pioneering steps are just the tip of the iceberg for her company.

But the others complain…

Johnson is likely undeterred by the recent back-and-forth comments made by so many in the finance industry. This includes the very disparaging ones that came from JP Morgan’s CEO Jamie Dimon that Bitcoin is not a real thing.

Then Morgan Stanley’s CEO James Gorman disagreed, He showed his open-minded towards Bitcoin and conceded that it has its benefits.

One thing that shows there is still a lot of favor about the space are prices, which are showing impressive resiliency. Their prices tanked following Dimon’s comments, but rallied days later.