Financial services giant Fidelity Investments, which manages more than $2.6 trillion in client assets, has started rolling out its Bitcoin (BTC) custody service, allowing institutional clients to securely store the leading digital asset.
We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors. More on our project: https://t.co/EkJ2pWJt2Y #DCBlockchain
— Fidelity Digital Assets (@DigitalAssets) March 7, 2019
According to a recent announcement, only select eligible clients will be able to access the custody as Fidelity continues to build out its technical and operational standards that institutions would come to expect from the firm.
“It’s been a challenging and rewarding time here, from critical decisions on product direction, to the intensive work of our development teams,” said Fidelity in the announcement. “Our operations, risk, and compliance teams are actively working with auditors to refine our policies and procedures, adapt existing operational processes, and to set new benchmarks for this aspect of cryptographic and blockchain-based finance.”
Fidelity has noted that Bitcoin custody is the first of many crypto products made available, and insiders have indicated that Ethereum (ETH) custody is expected to be next. The firm also mentions that while they realize Bitcoin isn’t the first form of digital cash, the firm does recognize the transformative potential it has created.
Bitcoin is currently trading for $3,920, giving the largest digital currency a $68.9 billion market cap.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.