Fidelity's Bitcoin custody services go live with a select group of clients

09 Mar, 2019
by Richard Allen
News
Fidelity's Bitcoin custody services go live with a select group of clients

Fidelity Digital Assets, the digital assets branch of one of the largest financial institutions, Fidelity Investments, has announced that its Bitcoin custody services are now live “with a select group of eligible clients.”

According to the firm’s Medium release, they have developed a set of technical and operational standards that are suitable for institutions. The release goes on to say that the initial clients form “an important part of our final testing and process refinement periods.” This will help Fidelity provide their services to a broader range of clients in the future.

Read more: Fidelity support for Ethereum (ETH) may be delayed by hardfork

Fidelity state in an earlier release that their goal extends beyond providing products. “Institutional interest in digital assets is expanding, and these organizations require sophisticated capabilities in order to proceed,” it reads.

The community was obviously pleased with the news. An announcement like this signifies the beginning of institutional involvement in the Bitcoin market. Having such a recognizable name should also help draw attention to the regulatory needs of Bitcoin and the broader cryptocurrency market.

Read more: 5 ways Fidelity and Bakkt could change cryptocurrency in 2019

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Read more about: Bitcoin (BTC)

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