Major financial player Fidelity offers Bitcoin custody service starting in March — targeting institutional investors
U.S. Financial Giant Fidelity to Launch Custody Services
It has been revealed that Fidelity, a major American financial institution, will begin offering cryptocurrency custody services within March.
Fidelity established Fidelity Digital Asset Services in Boston in October 2018 and has been preparing to enter the cryptocurrency market.
Fidelity has now disclosed that it will start offering custody services from March 2019,
and based on Fidelity Digital Asset Services’ initial comment that service deployment was “targeted for early 2018,” it appears preparation is proceeding smoothly.
According to an anonymous source who provided information, Fidelity’s subsidiary Fidelity Digital Assets plans to provide custody services for cryptocurrency Bitcoin to institutional investors such as hedge funds and market intermediaries.
On January 29, Fidelity Operations commented on this matter as follows.
Fidelity Operations
We are currently providing services to suitable clients to build out the initial solution.
Over the coming months, taking into account demand and regulatory factors, we plan to consider which user segments to prioritize for service delivery.
Custody services, also known as the “first hurdle” to establishing a new financial market,
are the most critical service for institutional investors who need to minimize risks of hacking and asset outflows when entering the cryptocurrency market.
Coinbase, the largest cryptocurrency exchange in the United States, has already begun custody operations,
and major cryptocurrency companies around the world are actively taking concrete steps toward expanding custody services.
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