Fidelity Investments is now all-in the cryptocurrency game


Fidelity Investments, one of the biggest US financial companies in the world, managing around $7 trillion in client assets, is now launching a completely new company that will only handle cryptocurrencies for their clients.

The new entity, called Fidelity Digital Asset Services, will handle cryptocurrency trades and help institutional investors with their digital asset businesses.

The CEO of Fidelity, Abigail Johnson, expressed her positive opinion on Fidelity’s role in the future when it comes to cryptocurrency developments and trends, stating:

“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.”

For the time being, only institutional investors such as hedge funds and family offices will be able to handle their cryptocurrencies through Fidelity Digital Asset Services. The company is not servicing retail investors.

Moreover, the new Fidelity spin-off company will actually handle cryptocurrency custody, meaning that they will be taking care of storing the digital coins in a safe way.

Fidelity Investments is investing heavily in improving its digital offerings to customers. As CNBC reported, Fidelity is investing approximately $2.5 billion on technology and new solutions to leverage its broad client base.

More and more financial institutions are investing in blockchain/cryptocurrency solutions with the hope of meeting their clients’ needs and becoming more competitive.

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