In the current of the last year, Fidelity investment manifested its will to reach the cryptocurrency market by launching some crypto-related products, a crypto trading platform and custody business, so-called Fidelity Digital Asset, hence the wall street giant recently announced that its Bitcoin custody service is now live and available to its clients.
The asset management platform, which has over two trillion dollars under its control announced that the platform’ custody services would be accessible to five of its clients to start, before reaching their whole customers.
Challenging the market’s trends
The management platform started considering cryptocurrency services when the market was still bearish, indeed, in last October the market was going downhill as prices reached around $6,000 and aroused at the time great uncertainty.
The trends of the market were not at this time propitious to launch a new cryptocurrency project as the prices were bullying Blockchain projects, but the company was willing to take the bet as Tom Jessop, the head of Fidelity Digital Asset said :
“If you started a crypto fund at the height of the market you’re probably hurting right now.
A platform that is still under construction
Indeed, the management platform announced that is services is live, but its features will be limited and reachable only for a small group of the company’s clients
The company will be executing trades and exchanges on its platform and will also provide safe storage of digital assets, but certain aspects of the company’s services should not be working according to the Fidelity Digital Asset head.
The platform is still trying to expand and access other jurisdictions where the company should be able to provide its services but until then, Jessop said that it would be a matter of time for its services reach its overall customers.
Fidelity Investment seems to be quite interested in Blockchain and its features as the company already have invested millions in Blockchain-related startup like Hivemind, and now with this announcement, it seems like Fidelity is stepping further toward the Blockchain conquest.