Fidelity planning on March launch date for BTC custody service

29 Jan, 2019
by David Borman
News
Fidelity planning on March launch date for BTC custody service

It is being reported by Bloomberg today that sources with ties to Fidelity Investments are claiming that the mutual-fund giant is planning to open its Bitcoin custodial service this coming March. The hope is that this service will bring an air of security and confidence to the realm of institutional investors.

Fidelity has in the past announced their plans to begin offering crypto related products, and Bitcoin custody is only the first. It is said that Ethereum custody will be rolled out next, assuming all goes well with the BTC launch.

Read more: Fidelity divulge more about their venture into crypto

Institutional custody is enticing to many as it should take much of the risk out of owning large sums of crypto. As cryptocurrency is notoriously complex to store safely, institutions come in and offer expertise and multiple layers of security to ensure investors money.

The company released a rather vague statement Tuesday, which is quoted in the article:

"We are currently serving a select set of eligible clients as we continue to build our initial solutions... Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors."

Read more: Fidelity will 'single-handedly solidify a new asset class' out of crypto

Many in the crypto world are hoping that Fidelity offering custody and the much anticipated launch of the Bakkt exchange could propel crypto prices to new highs in 2019 as institutional money comes into the sphere. Others however, are not so sure.

Ultimately, we will have to wait and see if this pans out as the boon for Bitcoin many are expecting. Of course, stay right here with Chepicap for all updates as the Fidelity situation unfolds!

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