Much excitement has been building since Fidelity Investments – one of the largest mutual funds firms in the US – first announced last year that it is set to launch its Bitcoin custody service in 2019. They are now almost ready to roll out Bitcoin trading for institutional clients soon, sources privy to the matter told Bloomberg on May 6.
The anonymous source revealed that the financial services giant, with over $7.2 trillion in assets under management, is moving forward with a plan that could see the top-ranking digital asset being added to the company’s existing range of custody and trading services.
The mutual-fund company revealed last year that it was building cryptocurrency storage and trading platform. At the time, head of Fidelity Digital Assets Tom Jessop said that some of its institutional clients were interested in foraying into the world of cryptocurrency, but ‘needed a safe and secure storage’ first.
In October last year, Fidelity announced the launch of its digital asset branch – Fidelity Digital Asset Services (FDAS). However, only a group of its eligible clients were able to have access to its crypto custody service.
“We currently have a select set of clients we’re supporting on our platform,” spokeswoman Arlene Roberts told Bloomberg.”
“We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”
The latest revelation comes only a few days after Fidelity Investments published the results of a survey revealing that 22 percent of the over 400 institutional investors own cryptocurrencies. And nearly 50% said they had plans to add digital assets to their portfolios.
“More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets — new and old — becomes more readily apparent,” Jessop commented on the results of the survey.