Fidelity Investments’ new crypto custody service may officially launch in March


  • The Fidelity custody service will first only support Bitcoin. If successful, they will introduce an Ethereum (ETH) custody.
  • Tom Jessop, the executive in charge of the project, had previously said that the custody service will be released by the first quarter of 2019.

Fidelity Investments announced that their crypto subsidiary, Fidelity Digital Asset Services (FDAS) will release its Bitcoin (BTC) custody service by March. According to reports, FDAS will first only support Bitcoin. If successful, they will introduce an Ethereum (ETH) custody.

In response, the Boston-based finance giant with trillions of dollars worth of assets under management said in a statement:

“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.”

The March launch will corroborate the timeframe previously given by Tom Jessop, the executive in charge of FDAS. Jessop had previously said that the custody service will be released by the first quarter of 2019.

Joseph Young, a leading crypto journalist, noted:

“If Fidelity goes ahead with the launch of Bitcoin custody by the end of Q1, it would mean it sees some demand from institutions. Blockchain, Coinbase, and other companies laid off execs in charge of institutional clients. Refreshing to see Fidelity push forward.”
 


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