New Product Specialist Joins Fidelity to Focus on Crypto Strategy

Fidelity Investments has hired Michael Zinaman as its product specialist to further develop a range of products in the company.

Fidelity’s strategy on cryptocurrencies

On Nov. 12, the Block reported that Michael Zinaman had joined financial services company Fidelity Investments. Zinaman will reportedly oversee the company’s strategy on cryptocurrencies, custody and execution services.

Zinaman started his new position as product specialist at Fidelity just over a month ago, where he was hired to focus on the company’s cryptocurrency strategy, according to a source with knowledge of the matter.

His LinkedIn profile further reveals that before being hired by Fidelity, Zinaman worked as managing director of blockchain and digital assets at Canaccord Genuity. Prior to that position, he was senior vice president at Imperial Capital, a full-service investment banking firm.

Fidelity Investments rolls out crypto custody service

Zinaman could oversee the company’s strategy for its newly launched cryptocurrency custody service. In October, Abigail Johnson, CEO of Fidelity Investments, revealed that the company is ready to roll out its crypto custody business following a year-long preparation and accumulation of clients. 

Just days before the launch, Kathleen Murphy, personal investing president of Fidelity Investments, said that the firm does not offer crypto on retail trading platforms to protect its clients. Murphy added that Fidelity has a careful approach when it comes to trading cryptocurrencies:

“You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency.”