Fidelity Plans to Launch Bitcoin Custody Services in March

Fidelity Plans to Begin Offering Bitcoin Custody Services in March

Fidelity Investments, the fifth largest asset management firm in the world, plans to launch its Bitcoin Custodial services in March 2019

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By Block Society

Fidelity Digital Assets Will Soon Offer Digital Asset Services 

 

On October 15, 2018, Fidelity Investments announced plans to begin offering cryptocurrency custody, advising, and trading platform services through a Fidelity Digital Assets. The company plans to launch its Bitcoin custody services as soon as March 2019, a step that could help encourage more hedge fund managers and large financial institutions to invest in cryptocurrency assets and Bitcoin. The company will then focus on launching a similar service for Ethereum.

Fidelity Digital Assets will offer custody services, 24/7 customer support, vaulted cold storage and execution services.

Currently, Fidelity Investments is the world’s fifth largest asset manager worldwide and manages over $7 trillion of worth assets and specializes in retirements savings and mutual fund services. 

The company plans to launch its Bitcoin custody services as soon as March 2019, a step that could help encourage more hedge fund managers and large financial institutions to invest in cryptocurrency assets and Bitcoin. 

The company announced its interest in digital currency and blockchain technology at Consensus 2017, sharing that Fidelity had been researching and exploring Bitcoin, Ethereum and blockchain technology for several years. Additionally, Fidelity has previously partnered and worked with Harvard, MIT and IC3 “to support the continued development and adoption,” of blockchain technology. Overall, Fidelity has invested millions of dollars in development, product and systems design, and rigorous security controls.”

Fidelity Center for Applied Technology formed a Blockchain Incubator department to explore entering the cryptocurrency field and offering digital asset services in response to clients, including numerous large financial institutional, asking how Fidelity planned to manage and address digital assets.

Fidelity Investments hopes their digital asset custody services will increase interest and investments in cryptocurrency from traditionally conservative institutions and investors. With security issues rampant with digital asset storage, Fidelity offering secure storage options to large institutions from a trusted financial institution should encourage more faith in digital currency as a valid form of investment. 

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