Fidelity’s New Company [featuring 11andrew86]

The US investment firm Fidelity, which manages assets totaling more than 7200 billion dollars, has announced the establishment of a new company, Fidelity Digital Asset Services, in a press release dated 15 October.

It will offer custody and trade execution services, is aimed at institutional investors such as “hedge funds, family offices and market intermediaries” and, for now, will not be available to retail investors. According to the press release, Fidelity Digital Assets’ main objective will be to provide “an institutional-level omnibus storage solution for bitcoins, ethers and other digital assets.”

Tom Jessop, president of the new company, said that Fidelity began to explore the blockchain and crypto sector “several years ago”, declaring in a CNBC interview that he had thought about the idea of ​​marketing a specific brand for cryptocurrencies already in the mid-2017.

In the release, Fidelity reports Greenwich Associates research that 70% of corporate finance executives believe cryptocurrencies will play a role in the future of the financial sector, although many have decided to watch them from afar before entering the market.

Jessop said the new company will use all the “resources of a large organization” to attract these investors to the sector.

To this end, according to Jessop, the new company will draw on its reputation to use technological solutions that have been “re-proposed” by other parts of its organization.

In June, it was rumored that Fidelity were hiring developers to build their own cryptocurrency exchange.

The investment giant’s innovation lab has also partnered with Coinbase to allow its customers to view their Bitcoin (BTC) holdings alongside traditional assets in their portfolios.

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