In today’s Bitcoin news, we have a big headline coming from Bloomberg’s Matthew Leising and Alastair Marsh in which the new custody service for Bitcoin is announced. According to the press at Bloomberg that cites Fidelity’s decision from an official statement:
“Fidelity Investments is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter, as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies.”
The company also announced that they are serving a select set of eligible clients as they continue to build their initial solutions:
“We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoroughly engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Another source familiar with the new enterprise told CoinDesk on Tuesday that this cold storage function on Fidelity’s Bitcoin custody service has already been launched and there are some assets under its management.
For those who don’t know, last October the Boston-based Fidelity which is a financial services giant (worth $7.2 trillion) announced its plans to enter the crypto market while citing the demand for cryptocurrency. Fidelity then launched a separate company to manage its crypto assets – named Fidelity Digital Assets.
This has been a big step in the institutional finance market, where big players seem to disrupt the crypto industry and aim at diversifying some of their portfolio into crypto holdings.