Fidelity Investments has launched a new company, dedicated to bringing cryptocurrencies to institutional investors including hedge funds, family offices and market intermediaries.
Dubbed Fidelity Digital Assets, the new entity will offer enterprise-grade custody and trade execution services for cryptocurrencies.
The entity will offer a storage solution for Bitcoin, Ether and other digital assets. These include vaulted cold storage and various other security protocols that have been developed through combining Fidelity’s security principles with the expertise of internal and external digital asset experts.
Fidelity Digital Assets will leverage an internal crossing engine and smart order router for trade execution of digital assets at several market venues.
Why Fidelity Investments crypto trading platform?
Fidelity Investments chairman and CEO Abigail Johnson said: “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors.
“We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
The new company is based in Boston and currently employs around 100 staff. The entity is currently on-boarding its first customers and will be generally available next year.
Fidelity Digital Assets head Tom Jessop said: “We started exploring blockchain and digital assets several years ago, and those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies.
“The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets.”