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Laxman Pai, Opalesque Asia: Fidelity Investments, which administers more than $7.2 trillion in client assets, has announced a new and separate company called Fidelity Digital Asset Services.
The 72-year-old firm said that it will handle custody for cryptocurrencies such as bitcoin and ethereum and will execute trades on multiple exchanges for investors such as hedge funds and family offices.
The company will offer enterprise-quality custody and trade execution services for digital assets, commonly referred to as cryptocurrencies, to institutional investors such as hedge funds, family offices and market intermediaries, said a press release from the financial services provider company.
Fidelity Digital Asset Services will electronically buy and sell cryptocurrencies on behalf of hedge funds, and other financial institutions, it said.
The release quoted Abigail P. Johnson, Chairman and CEO of Fidelity Investments as saying: "We started exploring blockchain and digital assets several years ago, and those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies. The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets."
One of the steps in realizing this future for digital assets is to create a foundation of institutional-quality solutions that will continue to help advance the industry, she added.
"While there are m...................... To view our full article Click here
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