Today Fidelity announced the launch of enterprise-quality custody and trade execution services for digital assets through a new subsidiary
Fidelity Digital Asset Services. The company will not offer services to retail investors, instead focusing on institutional investors including hedge funds, family offices, and market intermediaries. For now the new company is focusing on onboarding initial clients, with a wider roll out planned for early 2019.
“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” said Abigail P. Johnson, Chairman and CEO of Fidelity Investments. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
The company has been exploring the sector for several years and believes that the institutional investor segment is a gap and hence an opportunity. Outside of cryptocurrencies, the company has $7.2 trillion in client assets and also services 13,000 institutions today.
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