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Fidelity Digital Assets, a subsidiary of one of the largest asset managers in the world, Fidelity Investments, announced yesterday that its Bitcoin safekeeping service went live with “a select group of eligible customers”.
Fidelity Investments is one of the largest asset managers in the world and operates as an investment company with numerous funds, associated sales structure, investment advisors and as online brokers and stockbrokers worldwide. Fidelity Digital Assets will specialize in the safekeeping of Bitcoin and possibly other cryptocurrencies from institutional investors.
At the end of January 2019, the news first came out that the financial giant will offer a Bitcoin Custody Service to institutional investors with larger capital. Bloomberg also reported that after Bitcoin more custody services should follow for Ethereum.
We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors. More on our project: https://t.co/EkJ2pWJt2Y #DCBlockchain
— Fidelity Digital Assets (@DigitalAssets) March 7, 2019
Fidelity states in the current media post that it has developed a strong technical and operational standard that is best suited to institutions and meets the expectations of clients on an investment giant. The company has further stated that its launch customers are “an important part” of the “final inspection and process refining periods”. This, in turn, would help Fidelity to provide services for a “wider range of eligible facilities”.
The announcement can be seen as a strong bullish announcement to the crypto community and as one of the first steps in opening the crypto currency market to institutional investors.
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