Investment mogul Fidelity will purportedly launch its Bitcoin custody service in March.
Bitcoin Custody Coming in March
According to a report from Bloomberg, Fidelity is planning on launching its Bitcoin custody solution in March.
Fidelity is a major American investment company with reported $72. trillion assets under management.
Citing anonymous sources familiar with the matter, Bloomberg outlines that this is a step in continuation of a plan which was formulated back in October 2018. Then, the company announced the launch of Fidelity Digital Asset Services.
The cryptocurrency arm of Fidelity is intended to deliver custody solution and trade execution services for various digital assets. These services, however, are aimed at institutional-grade investors such as hedge funds, market intermediaries, and family offices.
In a statement on the matter, Fidelity outlined:
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 move comes somewhat expected as in 2018 the CEO of Fidelity Investments – Abigail Johnson said that the company will debut blockchain and cryptocurrency products by the end of 2018.
Later that year, Johnson also made it clear that their services are going to target institutional investors rather than retail ones.
Speaking on the matter, Johnson said:
Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. 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.
Most recently, Fidelity took part in a funding round of cryptocurrency exchange ErisX where NASDAQ Ventures also participated.
What do you think of Fidelity’s plans to launch a Bitcoin custody solution in March? Don’t hesitate to let us know in the comments below!
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