Fidelity Investments To Launch Its Bitcoin Custody Service In March

Announcements, News | February 3, 2019 By:

Multinational financial services Fidelity Investments is planning to launch its crypto custody service in March, according to a Bloomberg report.

Fidelity Investments is one of the largest asset managers with $2.5 trillion in assets under management as of March 2018. It operates a brokerage firm, manages a large family of mutual funds, and provides fund distribution and investment advice, among others. In October 2018, the firm announced that it would offer a range of crypto products designed for large investors, such as family offices, hedge funds and other monetary ventures, via a new company, Fidelity Digital Asset Services.

On Tuesday Bloomberg reported that Fidelity was aiming for March for a formal launch of its crypto custody service. Citing unnamed sources familiar with the matter, the report states that bitcoin storage will be the first one available, followed by ether custody.

“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” Fidelity said in a statement. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”

Custody services have become the latest innovation to emerge from the crypto space. These services give institutional investors peace of mind that their assets are secure, insured, and under the care of a trusted third party. Crypto firms that offer custody solutions as part of their overall service include Gemini, Coinbase and BitGo, among others.