Cryptocurrency is surging in demand irrespective of its uncertainty and volatility. Presently, Fidelity firm has announced the launch of a new platform that aims to provide cryptocurrency services – crypto stock and trading. The services will be available to institutional investors such as hedge funds, family offices, and market intermediaries.
The new firm is called Fidelity Digital Assets, a stand-alone company that is dedicated to bringing cryptocurrencies to investors. The firm will cater to its users and will provide assistance to all crypto related issues. The financial institution will provide enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24 hours a day.
Fidelity Investments already provides financial services for $7.2 trillion customer assets. It also caters to 13,000 advisory firms and brokers by providing crypto custody and investment services. However, the firm until now has limited its exposure to only a handful of services.
The services offered will be in three main areas institutional-grade custody, trading and dedicated client service. The firm focuses on providing “a secure, compliant and institutional-grade omnibus storage solution for Bitcoin, Ether and other digital assets,” Fidelity detailed, adding that its solution consists of vaulted cold storage and an access control system the firm described as “multi-level physical and cyber”, as reported in Bitcoin News.
With Fidelity Digital Asset’s first customers being on-boarded now and general availability scheduled for early 2019, the launch of the subsidiary with 100 employees marks the latest and perhaps largest push into cryptocurrency by an institutional asset manager, as mentioned in Forbes.
Overall, the platform related to trading and crypto custody is gaining recognition. There is a surging demand for these assets and sophisticated investors are seriously giving their attention to this space. As Fidelity is providing compliant services to secure assets of the investors, this might prove to be a gamechanger in the crypto market.
The post Fidelity Launches New Platform For Crypto Custody And Trading Services appeared first on OWLT Market.
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