One of the largest asset management firm Fidelity Investments Inc is intending to get into the shaky space of trading in cryptocurrency. The massive firm has plans to launch its Bitcoin custody service in March. Three anonymous sources have confirmed the news, according to Bloomberg.
Back in October 2018, the mutual-fund giant made an announcement noting the launch of a new company, Fidelity Digital Asset Services. In the announcement, the firm stated that the newly established service will provide a range of crypto products designed to fulfil the requirements of large investors like hedge funds. The service will not be available for the retail investors any time soon. Revealing the plan of the firm a source said that initially the Bitcoin storage will be available, and then the Ether custody will be opened.
In a statement, Fidelity said, “We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Although, Fidelity’s launch plan has come in the air just after the reports which say that the institutional interest, especially of Wall Streeters, is dying down, may be due to crashing price and not very intriguing market. Even after the negative signs in crypto space, Fidelity Chief Executive Officer Abigail Johnson is continuing the positive stance over crypto assets. Her optimistic approach for cryptos sets her different from other leaders. Because of Johnson, the firm started mining operations of Bitcoin and Ethereum in 2017. She expressed at a conference in New York, “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.”
Fidelity is a multinational American investment firm, which administers more than $7.2 trillion in client assets. The firm works with over 13,000 financial institutions. With that, Fidelity expects to serve those institutional customers who are keenly interested in crypto assets. Notably, the investment firm had appointed the ex-President of Chain Inc. Tom Jessop as the head of corporate business development a year ago.