Crypto - Fidelity Digital Assets now open for business
Fidelity Digital Assets announced they are now open for business
Fidelity Digital Assets announced several months back they would be launching a crypto custody/warehousing business as well as opening trading services for bitcoin and potentially other crypto assets.
It was expected to launch in Q1 of 2019.
Like many things in crypto, the timeline got pushed back quite a bit.
Well, yesterday Fidelity announced that it is finally fully up and running and open for business.
Some details...
The CEO of Fidelity had this to say:
“Fidelity started adding clients in the first quarter and is now engaged in a full rollout of its custody and trading services for digital assets — a boon to what is a fragmented and complicated industry.”
(Source: https://www.coindesk.com/fidelity-digital-assets-opens-to-all-qualified-investors)
According to earlier reports, Fidelity began adding clients including hedge funds, family offices, and financial advisors starting early this year to test its custody/warehousing as well as crypto trading services.
Fidelity manages close to $3 trillion in customer assets, making it one of the largest asset managers in the world.
It marks one of the first and largest traditional financial institution to offer crypto custody and trading services.
Hopefully this will be the spark that gets others entering the space for fear of missing out.
Allowing people to buy bitcoin and other crypto assets directly from traditional brokerages is how we really open crypto to the masses.
Many don't want, or are allowed, to purchased cryptocurrencies from mostly unregulated cryptocurrency exchanges.
This is a step in the direction of changing all that.
Stay informed my friends.
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One of the world's largest financial services giant that has long doubled in Bitcoin revealed that it is ramping up its cryptocurrency operations. Fidelity digital Asset Services FDA is the phone's cryptocurrency division launched late in 2018 a year ago now is now engaged in a full rollout of its custody and
trading services for digital assets the report noted citing Fidelity's Pro Bitcoin CEO Abigail Johnson.
It isn't clear to what extent this full rollout is taking place but considering stas was only serving a select set of clients for much of 2019 this new Custody and trading solutions for its thousands of institutional clients that have billions even trillions under management while much of this industry's Focus has been on institutions. It is important to note that this subset of investors isn't the end all and be all of cryptocurrency far from really speaking to cnbc's power lunch panel last week.
Yes, it could potentially be very big news.
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