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Cryptos all set to conquer retail payments now

PayPal & Visa have both enabled the functionality of settling retail transactions in cryptocurrencies

For all those skeptics who thought of Cryptos as a passing fad, this should serve as a reminder that the digital assets are as real as any of the other financial assets and they are here to stay. Some of the recent news to hit the wires have propelled Bitcoin and the associated cryptos higher. At the time of writing, Bitcoin is trading close to $59k, all set to take on the previous all-time high, after making a higher low.

It was only recently that the world’s largest asset manager, BlackRock, announced that it would give its clients the opportunity to explore investing in Bitcoin. Seems like this move has set a precedent for other big players in the arena. Now, Fidelity Investments, with $5.9 trillion under management, has announced plans to launch an exchange-traded fund (ETF) that tracks the price of Bitcoin.

FD Funds Management, a subsidiary of Fidelity, submitted an S-1 filing to the Securities and Exchange Commission (SEC) outlining its intention to financially back the ETF. Dubbed as ‘Wise Origin Bitcoin Trust’, it will track the cryptocurrency through the Fidelity Bitcoin Index…