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Fidelity finally gets permission to offer crypto custody and trading services

By:
on Nov 20, 2019
Updated: Jun 1, 2022
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  • Fidelity Digital Assets received permission to offer crypto custody and trading services to institutional investors in the state of New York.
  • The company has reported an increased interest in crypto among such companies.
  • In the future, Fidelity Digital Assets plans to expand its crypto offering, as well as to try seeking opportunities outside of the US.

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Fidelity Investments’ crypto arm, Fidelity Digital Assets, has just received the necessary permissions to start offering crypto custody and trading services. The newly obtained trust company charter comes from NYDFS (New York Department of Financial Services), and the firm will use it to offer its services to various institutions.

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Fidelity Digital Assets is only one of 22 firms that have received the same permissions, all of which are engaging in crypto-related businesses in the state of New York.

The firm published a blog post in which it announces that there is a high interest level from institutions that are looking to get involved in the cryptocurrency industry. Meanwhile, the company is looking forward to making its own services available across the state. The increase in institutional involvement in the crypto industry is also expected to enable even more activities, and push further development across the spectrum.

Institutions’ interest in cryptocurrency on the rise

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This is not the first time that Fidelity Digital Assets reported a high interest in crypto among the institutions of New York. The firm’s president, Tom Jessop, said the same in a recent interview, as reported by the New York Times. He stated that the demand for crypto has been growing ever since the firm’s launch.

Back when the company first emerged, its clients only included crypto and hedge funds. Now, however, the number of traditional investors is on the rise, which represents positive news for the crypto space.

Fidelity’s custody services are already available, and the company has been providing them since March 2019. They already have some well-known names among their clients, including Galaxy Digital, owned by a known Bitcoin bull, Mike Novogratz.

Jessop also hinted that FDA might start offering services for additional assets in 2020, instead of only continuing its work with Bitcoin. Not only that, but Fidelity might even expand and seek out new opportunities outside of the US.

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