Fidelity Digital Assets, digital asset solution branch of the largest asset management firm, Fidelity Investments, announced that its Bitcoin custody service has gone live with a select group of eligible clients. The announcement was made earlier today on their official Twitter handle. The firm, aiming at providing custodial services to institutional investors, first made a statement regarding this news in late January.
The announcement on Twitter read that they live with a select group of qualified clients. It also read that they will continue rolling out gradually. The announcement added that their solutions are focused on the needs of family offices, hedge funds, endowments, pensions, and other institutional investors.
Notably, the solutions provider had acknowledged that they have built sturdy operational and technical standards best suitable for institutions, meeting clients’ expectations from an investment giant, in their original announcement. They had also acknowledged that their primary clients are an important part of the process refinement and final testing periods. This, in turn, would help the Fidelity provide services to a wider set of qualified institutions.
The blog post read that their mission is to a great extent broader than products. As per the blog, institutional interest in digital assets is escalating, and these organizations need complicated capabilities in order to continue.
Interestingly, this comes as an elated announcement to numerous members of the community as it marks as one of the first steps taken to open the digital asset and crypto market, particularly Bitcoin market, for institutional investors. This is essentially because of the trading venue platform and custody solutions provided by the financial giant. Furthermore, some also believe that the changes bought by institutional players of Fidelity would shed some light in the regulatory stance on Bitcoin and other cryptocurrencies.