Fidelity Digital Assets announced via a tweet that their Bitcoin custody service is now live and holding bitcoin on behalf of clients. It is currently only available for a select group of clients. Although Fidelity plans to slowly expand it’s client base to hedge funds, family offices, pensions, endowments and other institutional investors.
We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.Fidelity Digital Assets
Originally announced in October, 2018 Fidelity has been working on their digital assets branch for quite some time now. In January, three insiders of firms in talks with Fidelity leaked the March launch plans.
According to Tom Jessop, head of Fidelity Digital Assets, the Bitcoin bear market hasn’t had an impact of getting up and running. Jessop also went on to say that there’s long-term interest from institutional investors.
Fidelity also has interviewed about 450 hedge fund, pension, endowment etc. firms about their involvement with cryptocurrency. About 22% of respondents claimed to already own some and will be doubling that investment over the next 5 years. This is great, but hopefully that means realizing there is only one cryptocurrency that matters. And that is Bitcoin.
With institutional interest slowly increasing, it’s only a matter of time until the next Bitcoin bull run. This means the next bull run will be big…really big. And to be safe, just make sure you control your own keys! Don’t trust, verify!