Fidelity Digital Assets (FDAS) enters European market with a new partnership
|- Fidelity Digital Assets has partnered with London-based crypto asset managers to expose Bitcoin to institutional investors in Europe.
- The UK arm of Fidelity will only provide Bitcoin support initially and is reportedly planning to expand its crypto range in 2020.
The Bitcoin-centric arm of Fidelity, Fidelity Digital Assets (FDAS), has recently partnered with a crypto asset manager to provide Bitcoin exposure to institutional investors based in Europe. The firms announced that FDAS will act as a custodian for Bitcoin held by London-based Nickel Digital Asset management.
This collaboration is expected to address the lack of back-office services like crypto custody among major financial providers in a bid to bring the coins into the mainstream. European head of FDAS, Chris Tyrer, said that the obstacles faced by institutional investors taking part in crypto markets are shrinking. These obstacles include regulation, quality of service providers, and volatility.
Tryer said:
We see those three factors slowly resolving themselves, and as a result we are seeing a pick up in institutional investor interest.
Tyrer added that organized regulation within the European Union would be beneficial for service providers. The UK arm of Fidelity will only provide Bitcoin support initially and is reportedly planning to expand its crypto range in 2020. The firm hinted that it could start providing support for Ethereum this year.
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