Fidelity’s Bitcoin Custody Service Could Launch This March

Fidelity’s Bitcoin Custody Service Could Launch This March 1

Fidelity Investments, one of the world’s largest asset managers, is breaking into bitcoin custody.

According to a recent report from Bloomberg, three people “with knowledge on the matter” from firms in contact with Fidelity have said that the company is tentatively planning to launch a custody service for bitcoin in March.

This move would fall in line with the company’s recent pushes toward the crypto space. Last October, Fidelity announced the creation of a platform for institutional traders to invest in cryptocurrencies, using over-the-counter trading and cold storage to ensure the security of the various assets.

As the first quarter of the 2019 fiscal year is well underway, Fidelity is making moves to turn this proposal into reality. These sources claim that bitcoin will naturally be the first crypto asset offered on the platform, though “ether custody is expected to be next.”

Fidelity did comment directly on the imminent plans for this custody service, although they made no guarantees of the projected launch date. “We are currently serving a select set of eligible clients as we continue to build our initial solutions,” they said. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”

Custody is a commonplace service in the world of markets but is significantly less common in the crypto asset investment space at the institutional level. Relying on third-party actors to protect securities from the risk of theft or fraud, most crypto custody takes place within the realm of startups. With the recent announcement that New York state will condone crypto custody, however, many financial banks are looking to get in on the action.

An institutional custody service from a titanic asset manager like Fidelity, which deals with trillions of dollars of properties, could give a boost to bitcoin’s slow progress with Wall Street.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin22,839 0.01 % 2.59 % 4.64 %
Ethereum1,820.8 0.01 % 1.56 % 3.22 %
Tether1.001 0.01 % 0.08 % 0.15 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB291.88 0.13 % 5.08 % 9.81 %
Binance USD1.001 0.03 % 0.10 % 0.09 %
XRP0.3618 0.57 % 4.04 % 5.05 %
Cardano0.4963 0.03 % 8.22 % 6.64 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.07450 0.19 % 8.59 % 4.95 %

bitcoin
Bitcoin (BTC) $ 22,822.00
ethereum
Ethereum (ETH) $ 1,821.91
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 0.999925
bnb
BNB (BNB) $ 291.94
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.363964
cardano
Cardano (ADA) $ 0.496234
solana
Solana (SOL) $ 38.33
dogecoin
Dogecoin (DOGE) $ 0.074418