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Fidelity Targets March For Launch of Bitcoin Custody Service

January 31, 2019

Fidelity Investments is reportedly targeting March for the launch of its Bitcoin custody service, Bloomberg reports.

Citing three people with knowledge on the matter, Bloomberg notes that the first offered service will include Bitcoin storage.

“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,” the company stated.

Fidelity is a multinational financial services corporation located in the United States. As of March 2018, the company has been managing more than 6.8$ trillion in clients’ assets, while it employs more than 40,000 people.

The company offers a wide range of services, such as investment management, brokerage platforms, compliance support, retirement, and high-net-worth products etc.

The new daughter company will be called Fidelity Digital Asset Services.

Previously, the Boston-based investment firm announced it is entering business in order to manage digital assets for hedge funds, family offices and trading firms. Initially, the firm announced plans to support Bitcoin and Ether, followed by over-the-counter trade execution and order routing.

“Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors,” said Fidelity Chief Executive Officer Abigail Johnson in October last year.

It seems these reports have been confirmed now as the first Bitcoin service available will be launched in the coming weeks, while the Ether custody is the next one in the pipeline.

Asset custodians represent common practice in the traditional financial system. It usually refers to a third-party service which holds customers’ securities for safekeeping purposes in order to reduce the risk of theft.

In case the launch of the Bitcoin custody service takes place in March, it would mark the entry of one of the biggest traditional investment firms into the crypto sphere so far. Other big players such as the Bank of New York, JPMorgan, and Northern Trust Corp. have all explored entering the same industry as well.

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