Fidelity Investments Planning To Launch Its Crypto Custody Service In March

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Fidelity Investments Planning To Launch Its Crypto Custody Service In March

According to reports, Fidelity Investments is officially planning to launch its crypto custody service in March this year.

Apart from a few assets under management, Fidelity Digital Asset Services LLC (FDAS) has already made their storage component live, person concerned with the matter updated CoinDesk on Tuesday. In an exclusive story covered by Bloomberg, it was reported that Fidelity Investments intended to launch their latest crypto custody service in March.

The company noted in a statement, “During this phase while we are building our pioneer solutions, we are only serving a limited set of exclusive clients.” In the coming months, we will associate with many new prospective clients in full force. This association will be based on certain factors, including needs and jurisdiction.”

As per the report covered by Bloomberg, Bitcoin storage will be launched initially, and post that Ether custody will come.

Tom Jessop, the executive in charge of Fidelity Digital Asset Services LLC (FDAS), earlier told CoinDesk in December that the company will make the crypto custody service open for business within the first quarter of the year 2019. As per his promised time-frame, a March launch would be perfect this year.

The clarity is awaited on the launch of other components of FDAS i.e. brokering trades of crypto assets between market makers and Fidelity clients will launch.

Fidelity revealed in the end quarter of 2018 that they had a trading and storage platform for cryptocurrency under progress. During the same period, Jessop mentioned that a few of their institutional clients were drawn towards getting into crypto space, but they needed a “trusted platform provider” before taking that plunge.

Jessop during the same period also mentioned that “These institutions require a sophisticated level of service and security, equal to the experience they’re used to when trading stocks or bonds.”

When it was revealed by FDAS that they would be supporting ether trading and bitcoin, he also said that other than these two cryptocurrencies, they will analyze the next in line cryptocurrencies based on their market cap. In November 2018, Jessop mentioned that as per the customer demand, Bitcoin and Ether trading are the two largest cryptocurrencies of the world that are targeted so far.

FDAS is also considering security tokens, though as per Jessop, “those spaces are still blooming and we are waiting for them to develop.”