Fidelity Is Said to Plan March Launch of Bitcoin Custody Service

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

American venture firm Fidelity, which regulates over $7.2 trillion in clients assets, will purportedly launch its Bitcoin (BTC) authority offering in March, Bloomberg reports on Jan. 29.

Citing to anonymous familiar with the matter, Bloomberg states this is the following stage in a plan that began in October 2018, when Fidelity declared the launch of a new company, Fidelity Digital Asset Services.

The new company will purportedly offer custody and exchange execution services for digital assets focusing on institutional financial investors like “speculative stock investments, family workplaces,

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and market middle people,” yet won’t until further notice be available to retail investors.

Fidelity reportedly said in a statement, “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.”

Fidelity CEO Abigail Johnson is a blunt defender of digital currencies, having introduced Bitcoin and Ethereum (ETH) mining at the firm in 2017. She stated 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.”

Custody services, which are ordinary in traditional stocks and bonds markets, are outsider administrations that offer to an asset to reduce the likelihood of theft. Authority administrations vary from banks in that they are not permitted to use the stored financial assets to their own ends. Significant firms like BNY Mellon, JPMorgan and Northern Trust offer authority for resources like money, securities, gold, and diamonds.

While traditional financial institutions like Fidelity are starting to venture into the crypto sphere, firms like cryptocurrency exchange and wallet benefit Coinbase have presented their own custody solutions. Coinbase’s custodial services, which targets institutional clients, launched in July 2018. The trade that stated that it had already been storing over $20 billion worth of clients’ crypto over the past six years.

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