Fidelity Launches Institutional Platform For Bitcoin And Ethereum

Michael del Castillo with Forbes reported this morning that “Fidelity Investments is spinning off a stand alone company dedicated exclusively to bringing cryptocurrencies to institutional investors.”

“Called Fidelity Digital Assets, the limited liability corporation based in Boston will provide enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24 hours a day, seven days a week designed to align with blockchain’s always-on trading cycle.”
— Michael del Castillo, Forbes

Amid speculation over this year’s bitcoin price drop, this development marks a long-term, future-focused commitment to the value and potential of cryptocurrency and blockchain technology. Institutional demand is growing for digital assets, and Fidelity Digital Assets will serve the demand through secure, compliant means. “Our long term vision is really that you’ll see lots of assets exist in this new medium,” said Fidelity Digital Assets’ founding head Tom Jessop. “And this new medium will bring a host of benefits around efficiency, around access, around automation, which is very exciting for financial services.”

Read the full article on Forbes for more details.

‘We Welcome Anonymous Cryptocurrencies’ : US Federal Reserve Breaks Down Bitcoin in New Study

CCN reported yesterday on the Federal Reserve Bank of St. Louis's study results, presented in "The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies."

In this report, the authors "characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money."

The diagram they present really helps to understand the dimensions of currency: physical or virtual representation, centralized or decentralized handling, and competitive or monopolized creation. This shows how bitcoin is different from existing currencies.

“Each form of money has its benefits and drawbacks. This is why many forms of money coexist.
…
On the one hand, governments can be bad actors and, on the other hand, some citizens can be bad actors. The former justifies an anonymous currency to protect citizens from bad governments, while the later calls for transparency of all payments. The reality is in between, and for that reason we welcome anonymous cryptocurrencies but also disagree with the view that the government should provide one.”
— Berentsen & Schar

We highly recommend this informing article and its associated report.

Wenatchee Valley College annual foundation awards to be announced at gala May 19

Wenatchee Valley College annual Foundation Awards nominate Malachi Salcido as "Distinguished Alumni."

“Malachi has successfully launched and is running a number of companies, including the Salcido Connection and Salcido Enterprises. The Salcido Connection is the recognized regional leader in designing and installing reliable, efficient building systems. … Salcido Enterprises is the national leader in blockchain technology development and is at the forefront on an international level. The work of this company is revolutionizing technology, how business operates, and is poised to have a positive impact on a global level.”
— Wenatchee Valley College Foundation

The materials also praise Malachi for “giving back” and for encouraging the growth of his employees. 

The official awards will be announced at the Wenatchee Valley College Foundation Gala on May 19.

From the Inlander: "Central Washington: epicenter of world-changing technology or ground zero for Bitcoin's epic fail"

"America's best read urban weekly" goes deep into bitcoin operations in central Washington in this very well-written article. Quoting Malachi Salcido, Mike Cooney, Denton Meier and other players in the region, it dives into the pros and cons, opportunities and responsibilities of operators and suppliers in this industry. In this region of cheap power and wild lands, governments and infrastructure feel the tension between of boom/bust possibility and responsible stewardship of resources, community, safety and new possibilities. Don't miss this well-written article:

Central Washington Jurisdictions Call 'Time Out' On Bitcoin Boom

NW News Networks reports on Central WA cities and counties placing emergency zoning controls and moratoriums on cryptocurrency operations.

A preemptive move for the sake of safety and accurate planning, these decisions impact the plans of current and would-be bitcoin mining operations in the area, and could send the business to other regions.

Read the full article for more insight on how this could affect the region's citizens, infrastructure and economy.

Malachi Salcido interview on bitcoin technology, power consumption and more

Malachi Salcido goes on air with Michael Knight of News Radio 560 KPQ, discussing bitcoin past, present and future … and its impacts on markets locally, regionally and globally. Learn how public utility and power companies are working with the industry in the Pacific Northwest and along the West Coast … and what the future of bitcoin and blockchain technology may look like in the months and years ahead.

 

Follow developments with our sister company The Salcido Connection