Here’s what’s been happening on Wall Street overnight

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Fidelity moves into bitcoin

Fidelity, one of the biggest providers of 401K services and other retirement products to Americans, is plotting the buildout of products that would push the market for bitcoin to the next level.

The wealth firm, which oversees $US2.4 trillion in assets, already allows certain clients to view their crypto holdings next to their other accounts in their Fidelity portfolio. And its chief executive officer Abigail Johnson is a noted proponent of bitcoin.

But Business Insider has learned Fidelity is looking for talent to build its own digital asset exchange, according to a job posting sent out to employees at the firm.

Morgan Stanley in Silicon Valley

Morgan Stanley has boots on the ground this week to meet with over 150 technology providers as part of its annual CTO Innovation Summit in Palo Alto, California.

The event solves a common pain point that both tech entrepreneurs and large firms face: they can’t find each other.

More here.

Deutsche shakeup continues

Deutsche Bank has lost its two coheads of US leveraged finance as staff turnover mounts at the German lender.

Scott Sartorius and Christopher Blum and are leaving the bank, according to people familiar with the matter. Sartorius will become a managing director at Citi, where he worked earlier in his career, while Blum is expected to join a rival, the people said. Sartorius is taking paid time off, known on Wall Street as garden leave.

Crypto riches grow

Cryptocurrency traders have become well-known for conspicuous displays of wealth.

Rows of Lamborghinis were parked outside the recent Consensus conference in New York and some attendees blew off steam at after parties in exclusive clubs with champagne, vodka, and even drugs.

But not all crypto enthusiasts are so ostentatious. John Lore, a lawyer who has advised over 30 cryptocurrency hedge funds, said one trader who approached him about setting up a fund, in fact, apologised to him, embarrassed by his crypto riches.

More here.

Mastercard adding voice payments

Mastercard is planning to integrate payments into the Google Assistant and Amazon Alexa virtual voice assistants, according to CNBC. The integration will allow consumers to pay for things by talking to the voice assistants and paying through Masterpass, the firm’s mobile wallet-buy button hybrid that saves payment and shipping information.

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