US-based asset manager Fidelity Investments has formed a new unit, which will offer European institutional investors access to its digital asset services.

Called Fidelity Digital Assets, the new unit will offer institutional players such as hedge funds and family offices custody and trade execution services for cryptocurrencies.

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The move comes a year after the launch of Fidelity Digital Assets for institutional investors based in the US.

Fidelity Investments Corporate Business Development head Tom Jessop said: “Since launching Fidelity Digital Assets in the US over a year ago, we’ve seen significant interest and engagement by the institutional community, which show no signs of slowing.

“We’re also encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem.

“These and other market indicators, alongside interest expressed from UK and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically.”

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The scope of services to be provided by Fidelity Digital Assets includes institutional-grade storage solution for Bitcoin and other cryptocurrencies along with access to a trade execution venue.

The clients will also have access to dedicated client service throughout their journey.

Fidelity has poached Chris Tyrer from Barclays Investment Bank to lead Fidelity Digital Assets in Europe. In the new role, Tyrer will spearhead client service activity in the region.