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Fidelity launches cryptocurrency business for European institutional investors

Wednesday, December 18, 2019

Laxman Pai, Opalesque Asia:

Fidelity Digital Asset Services (FDAS), the cryptocurrency arm of Fidelity Investments, has formed a new UK entity to sell cryptocurrency services to European clients.

The fund manager has offered custody and trading tools to financial institutions in the US since 2018. State regulators in New York gave it a green light on November 20 this year, paving the way for sales to Wall Street investors.

The New York state-chartered limited liability trust company said that it has appointed Chris Tyrer as the head of FDAS in Europe. Tyrer previously worked as a managing director at Barclays Investment Bank leading its digital asset project.

He's also served as global head of commodities trading for the bank following a long career in the traditional financial markets. In the new role, Tyrer will lead client service activity in the region.

"Since launching Fidelity Digital Assets in the U.S. over a year ago, we've seen significant interest and engagement by the institutional community, which show no signs of slowing," said Tom Jessop, head of Corporate Business Development for Fidelity Investments and president of Fidelity Digital Assets.

"These and other market indicators, alongside interest expressed from the U.K. and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically," he added.

"The demand we've seen for Fidelity's digit......................

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