Fidelity to Launch New Crypto Asset Company

 

 

 

Fidelity Investments announced Monday that it will be launching a new company that will focus on managing digital currency assets for its clients, according to Bloomberg. The company revealed that its Fidelity Digital Assets business will provide crypto security, custody, trade execution, and customer services for trading firms, hedge funds, and other Fidelity customers.

Fidelity plans to offer Bitcoin and Ether support through Fidelity Digital Assets when it launches next year. Other available services will include order routing and OTC trade execution. The company reportedly hopes that its well-established brand will help provide institutional investors with the confidence they need to become more involved with cryptocurrency trading.

Fidelity CEO Abigail Johnson said:

“Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors.”

Fidelity has been one of the few large financial firms to embrace the nascent crypto technology and has spent the last several years studying digital currencies. The company has even mined Bitcoin, and its CEO has been a vocal proponent for blockchain adoption.

Tom Jessop has been named to head the new company, which is expected to employ about 100 people when it launches in early 2019. At the Bloomberg Institutional Crypto conference on Monday. Jessop suggested that Fidelity has been laying the foundation for its new venture for some time now:

"We built a lot of the capabilities underlying this platform months and years ago. It’s not something where we woke up at the top of the year and said, ‘Let’s build this thing out.’

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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