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Tom Jessop: closing cryptocurrency funds in 2019 is natural

Tom-Jessop-closing-cryptocurrency-funds-in-2019 Tom Jessop | The president of Fidelity Digital Assets

According to the president of Fidelity Digital Assets (FDAS), Tom Jessop, the cryptocurrency industry is only developing, so the closure of some companies and funds is natural.

Jessop expressed his opinion in the podcast The Scoop, commenting on a recent study by Crypto Fund Research, according to which a significant number of cryptocurrency investment funds closed this year. The president of FDAS believes that this situation resembles the development of the Internet startup market.

"Those folks were potential customers, but I also say in many cases – whether it was the retail push in late 2017 or some of these nascent funds forming and then closing in the span of 18 months – it's just your classic, early-stage will they make it or not," 

he said.

According to Jessop, the closure of some companies is a positive sign of the recovery of the industry. If in 2018, Fidelity's customers were mainly cryptocurrency funds, hedge funds and other similar venture companies, now there are family companies and even a large fund investing in cryptocurrencies through special small funds.

Jessop recently said that next year, ETH support should appear on the FDAS platform. Now the platform supports only Bitcoin, which does not allow it to compete with other large companies in the industry, such as Coinbase and BitGo. 


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