Oct 15, 2018

Fidelity wants to help big cryptocurrency investors

Photo: Nicholas Pfosi for The Boston Globe via Getty Images

Fidelity Investments has established a new standalone company that will provide custody and other cryptocurrency services to institutional investors like hedge funds and family offices. It is expected to roll out next year.

Why it matters: Custody has been one of the main hurdles to getting more institutional investors into cryptocurrencies. While some independent companies like BitGo and Kingdom Trust exist to help, several large financial institutions are developing their own.

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The coronavirus outbreak will forever change the world economy

Illustration: Sarah Grillo/Axios

Both the U.S. and global economies are set to be permanently altered by the coronavirus outbreak and the measures that have been taken in response to it, experts say.

The state of play: "Fundamentally there are going to be huge changes in household consumption patterns, business patterns and global supply chains," Kevin Warsh, a former Fed governor and current economics lecturer at Stanford, said during a Reuters teleconference.

Coronavirus breaks the telecom bundle

Reproduced from Park Associates "Broadband Services in the U.S." report; Note: 2019 survey was conducted in Q3, with 10,059 respondents and a ±1% margin of error; Chart: Axios Visuals

Consumers are adopting stand-alone broadband services at a much higher rate than just two years ago, and analysts predict that the economic downturn prompted by the COVID-19 outbreak will accelerate the trend.

Why it matters: With a recession looming, consumers may look to cut pay TV service in favor of more robust standalone internet packages once they're free to leave their homes.

America's funeral homes buckle under the coronavirus

Illustration: Aïda Amer/Axios

Morgues, funeral homes and cemeteries in hot spots across America cannot keep up with the staggering death toll of the coronavirus pandemic.

Why it matters: The U.S. has seen more than 10,000 deaths from the virus, and at least tens of thousands more lives are projected to be lost. The numbers are creating unprecedented bottlenecks in the funeral industry — and social distancing is changing the way the families say goodbye to their loved ones.

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