Fidelity Investment’s Bitcoin Custody Service
In a statement, Fidelity Investments has said that they are currently working closely with a “select set of eligible clients” for building the initial solutions. The statement went on to say that in the coming several months, they will engage with prospective clients on the basis of the requirements, jurisdictions, and other associated factors. On that basis, priorities will also be assigned. A source privy to the new project told media that the new Bitcoin custody service’s storage function is live now. In fact, some assets are already managed by the concerned Bitcoin custody service.
Mutual Fund Giant Fidelity Investment moving to Cryptocurrencies for Diversification
Fidelity Investment is trying to bring a solution to the problems faced by institutional investors looking for portfolio diversification through entry into the cryptocurrency holding. Fidelity Digital Assets’ founding head, Tom Jessop, said:
“We saw that there were certain things institutions needed that only a firm like Fidelity could provide… We’ve got some technology that we’ve repurposed from other parts of Fidelity — we can leverage all of the resources of a big organization.”
Fidelity Digital Assets’ aim can be understood by going through their website, where it says:
“full-service, enterprise-grade platform for securing, trading, and servicing investments in digital assets… highly available, trusted, enterprise-grade services to store, transact, and service…digital asset investments.”
Fidelity is trying to provide its offline, cold storage custody services for over a year now for major cryptocurrencies. They started off with Bitcoin.
It was reported last year that the infrastructure built by Fidelity Investment for the cryptocurrency market is mainly meant for the institutional investors, especially those who want to invest at least US$5 million. The news of March launch of Fidelity’s Bitcoin Custody Service is especially welcome after the bearish 2018.
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