This way, Fidelity Investments became the very first company on Wall Street to make such a move, and this significantly highlights the increased interest in crypto from players in the big league.
Fidelity Investments is responsible for $7.3 trillion in customer assets
The separate branch that the company decided to open will be focused on crypto. It will provide institutional investors with custody and trade opportunities.
They will be able to trade crypto across more exchanges that are complying with the so-called Fidelity Standard.
Oracle Times reported that “Fidelity’s onboarding procedures for counterparties involve a deep dive into the regulatory proceedings and financial strength among more analysis.”
“We are certainly only going to connect to those counterparties that we feel good about,” said Tom Jessop, head of Fidelity Digital Assets.
The crypto arm will also provide an offline, vaulted cold storage custody solution.
“We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” Jessop said.
The new subsidiary head added that it’s already working with 13,000 institutional customers.
New crypto opportunities will appear
A while ago Fidelity Investments CEO Abigail Johnson had promisse3d that the company will create a crypto product by the end of this year and as you can see they made sure to keep their promise and created Fidelity Digital Asset Services.
The crypto branch’s goal is reportedly to make crypto more accessible to investors.
This is a massive step for the crypto community and the fact that Wall Street company decided to make such a move will open a door for more companies to take the same action.
This will also make the whole crypto business look and feel more legit in investors’ eyes.