Fidelity Rolls Bitcoin Custody Service, Are the Institutions Coming?

Published March 9, 2019 | Updated March 9, 2019

fidelity

Fidelity Rolls Bitcoin Custody Service, Are the Institutions Coming?

An official report from Fidelity Digital Assets (FDAS), a financial service giant unveiled the status of their work- per the blog post, FDAS’s Bitcoin custody service is live and running. Although the market has no big turn towards the higher volume but the company attempt to what it was committed despite the bear market trend.

Fidelity’s Bitcoin Custody Business is Live

Consequently, firms’ bitcoin custody business is now live. Nevertheless, the firm is not ready to support Ethereum custody yet, citing that they have already undergone the survey of 450 institutions to assess the market information. According to the announcement, its live bitcoin custody service isn’t for everyone – rather the platform had selected a limited group of eligible clients.

Its quite clear that, with the select group of institutions, Fidelity Digital Asset will serve initial services to these groups to kick start. The announcement further reads that FDAS already has strong technical and operational standards – preferable for institutions. However, select clients or institutional clients of Fidelity are a critical part of the ‘final testing and process refinement periods.

“Our mission is much broader than products. Institutional interest in digital assets is expanding, and these organizations require sophisticated capabilities in order to proceed.” Said Tom Jessop, lead at Fidelity

With more and more largest companies (such as Fidelity investment) focusing on long-term visions across the crypto industry – it captures the interest from institutional investors to leverage the bitcoin market. On top of all, few crypto enthusiasts believe entry of players like Fidelity in the decentralized world would eventually urge regulators to focus on better clarity on crypto policies.

Reports further revealed the statement of Tom Jessop who addressed the questions of reporters at the DC Blockchain Summit this week. Responding to reporters, Jessop claims that the bear market hasn’t had an impact over the service launch and in running process as well. He says;

“If you started a crypto fund at the height of the market you’re probably hurting right now.”

At present, Fidelity’s new entity will open up the trade on multiple exchanges for these institutional investors – nonetheless few other services of the firm are still in progress. As discussed earlier, the Fidelity had planned to go live with its new company in the first quarter of 2019 – Indeed, it made possible for few institutional clients in January, for the select group it was in March. Additionally, others will likely access in September as Jessop said.

“If you started a crypto fund at the height of the market you’re probably hurting right now.”

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com
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