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Fidelity Investments, a financial services provider, is launching a cryptocurrency trading and archiving platform.
Fidelity Digital Asset Services, LLC will provide custody and cryptocurrency services for corporate customers, announced Monday.
Tom Jessup, who is leading the new division, announced Bloomberg's Institutional Crypto platform. He hopes to attract institutional investors, including hedge funds, family offices and market intermediaries.
Fidelity is one of the five largest financial services providers in the world, with assets worth around $ 7.2 trillion.
"These efforts have been successful in helping us to understand and advance the way we think around cryptocurrencies … The creation of Fidelity Digital Assets is the first step towards a long-term vision to create an enterprise-level platform. full service for digital resources, "he said, adding:
"In our conversations with the institutions, they tell us that to interact with digital resources in a meaningful way, they need a reliable platform provider to access this space." These institutions require a sophisticated level of service and security, equal to experience that they are used to when they trade stocks or bonds ".
As such, Fidelity intends to build a "scalable infrastructure" that leverages Fidelity's existing expertise in building such platforms, he said.
At the time of launch, the new company will offer "institutional grade custody", commercial execution and "dedicated customer service", continued the press release.
At the time of launch, the platform will keep bitcoin, ethereum and other cryptocurrencies still to be named. As part of its security system, Fidelity will keep cryptocurrencies in cold storage, along with "physical and multi-level cyber checks," the statement said.
The managing director and president of Fidelity Investments, Abigail Johnson, said that the goal of the new platform is to "make digital resources native, like bitcoin, more accessible to investors," according to the release.
Image via Conensus
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