Fidelity Investments one of the US major financial firm has announced the launch of a new company called Fidelity Digital Assets, which will provide trade execution and custody service for hedge funds, family offices and other financial institutions. Fidelity Digital Assets initially will roll out support for Bitcoin and Ethereum starting early next year. It will also offer over-the-counter trade execution and order routing.
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts. It is the fourth largest asset manager with $7.2 trillion in assets and currently serves more than 13,000 institutions.
Fidelity Digital Assets, which has an 100-strong staff, is led by Tom Jessop, who was formerly president at tech startup Chain and a managing director at Goldman Sachs Group Inc.
— Fidelity Digital Assets (@DigitalAssets) October 15, 2018
Entering of big financial firms like Fidelity as crypto service provider will provide a secure platfom for the large numbers of small and big investment firms which are still out of the market because of uncertainty and feeling insecurity over cryptocurrencies and will help to represent the digital assets as a new asset class for the traditional investors.