Fidelity Investments Finally Launches Full Crypto Custody Service

Fidelity investments finally launch its full crypto custody services after a long time of preparation and we are about to read more in the blockchain latest news today.

The American financial services company has launched the crypto custody service fully and the CEO of the company Abigail Johnson revealed the latest development in an interview with the Financial Times published on October 18. Johnson stated that the company is ready to roll out its crypto custody business after a year-long preparation and accumulation of clients. Last fall, Fidelity specifically noted that it would provide an enterprise-grade crypto custody service to the hedge funds and the family officers and financial advisors.
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Johnson called this kind of service nascent and underdeveloped but noted its potential by saying:

 “There are people out there with significant amounts of wealth in cryptocurrencies, probably Bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else.”

Speaking about Coinbase’s custody offering, Johnson noted that the crypto exchange is still a company that most of the people have never heard of and they do not have the current relationships with the independent advisers. As previously reported, Coinbase custody was initially announced in November 2017 and launched in July 2018 with the goal to provide robust security of crypto assets which according to the crypto exchange Giant has been institutional investors’ primary concern. As of August, Coinbase custody claimed to store the assets on behalf of more than 120 clients in about 13 countries.

Fidelity Investments Finally launched their crypto custody services and the personal investing president of the company Kathleen Murphy recently said that the company does not offer cryptocurrencies on retail trading platforms to protect the clients. When she was asked when was she expecting the users to start trading crypto, she replied:

 “You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors […] don’t make a mistake with cryptocurrency.”