Fidelity announces new launch date for crypto custody platform
The trillion-dollar asset manager expects to step deeper into the crypto space in the near future
Fidelity Investments announced that it would launch a crypto custody platform last October. As has been seen by other platforms wishing to be introduced, the process is anything but simple and delays are commonplace as companies try to wrangle the mountain of regulatory paperwork that is thrown at them. Fidelity seems close to having its documents lined up and has announced that it is almost ready to introduce its new crypto custody platform, Fidelity Digital Asset Services.
According to a report in Bloomberg, Fidelity Digital will launch this coming March. It plans on offering a custody solution, as well as trade execution, for a handful of crypto assets, beginning with Bitcoin (BTC). While the platform will be available for institutional investors at first, Fidelity indicates that it hopes to accept retail investors in the future.
In a separate statement from Tuesday, Fidelity acknowledged the plans, stating, “We are currently serving a select set of eligible clients as we continue to build our initial solutions,” the company said in a statement Tuesday. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Fidelity first embraced cryptocurrencies in 2015 when its CEO, Abigail Johnson, began a cryptocurrency mining arm in the company. Johnson feels that the company, which manages over $7.2 trillion in assets, will be able to use its position and reputation to attract a large number of Wall Street Investors. She is a dedicated supporter of crypto, stating in 2017, “I’m a believer. I’m one of the few standing before you today from a large financial services company that has not given up on digital currencies.”