Fidelity divulge more about their venture into crypto

28 Oct, 2018
by Will Heasman
News
Fidelity divulge more about their venture into crypto

In an episode of Laura Shin’s Unconfirmed podcast, Tom Jessop, President of Fidelity Digital assets services speaks of the leap into crypto custody services and what that could mean for the industry.

Speaking on the foray into crypto custody, Jessop elaborated upon fidelity’s solution mentioning security as a huge importance, adding that cryptocurrencies will be held in cold storage and citing the companies experience being “entrusted as the manager, [and] administrator of $7 trillion worth of assets”.

Jessop also mentions the type of clientele, mentioning that despite the service being geared towards institutional investors, there is a lot of interest from “dedicated crypto traders”.  

On the question of fidelity creating a crypto-based exchange, Jessop hinted at the potential of one in the future but insisted that the focus was needed on the custody solution before heading down any other route.

Speaking on institutional activity and what it means for crypto, Jessop states that he believes it is the start of an acceleration:

 “I think that we’re at this point where this is seen as a genuinely interesting and transformative assets class, but also a technology capability for financers at large, and so I think we’re going to see a continued acceleration in this space … we can expect more news over the balance of this year and into [2019]”. He said.

Read more: Investment giant gears up to launch crypto exchangeFidelity Digital Assets launches to bring crypto to institutional investors

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