Fidelity Investments to Launch Bitcoin (BTC) Custody in Q1 2019

Fidelity Investments to Launch Bitcoin (BTC) Custody in Q1 2019

In an attempt of making cryptocurrency-based investments more secure for investors, with a focus on institutional investors, Fidelity Investments announced looking into launching new Bitcoin custody services by the end of Q1, targeting a date in March as reported by Bloomberg.

Earlier in October 2018, Fidelity announced new services for big-time investors, offering the management of digital assets for different business, including hedge funds, at the same time making a significant move in the domain of joining the merging cryptocurrency market.

Fidelity Will Be Launching Bitcoin (BTC) Custody, Ethereum (ETH) Said to Be the Next

Although the plans on Bitcoin custody hosted by Fidelity Investments is still private in a way, what is announced is the case of launching Bitcoin custody somewhere in March, while confirming that more assets will get support from Fidelity in the future.

According to Bloomberg, Ethereum (ETH) is set to become the next cryptocurrency after Bitcoin custody is revealed at the end of the first quarter of 2019.

The company stated last Tuesday, on January 22nd in one of their official statements, that the team is currently focused on providing services to a list of eligible clients in the process of building solutions for digital asset custody starting with BTC.

The company also added that they will be focusing on client engagement over the course of next several months:

“Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”

By offering custody for digital assets as a third party, Fidelity Investments custody teams will be focusing on securing their clients’ assets, additionally providing more safety to prevent risk of having assets like BTC stolen or lost.

With the constant inflow of stories hosting cases of crypto theft, hack attacks and private key misplacements, Fidelity might fit into the story of digital asset custody just perfectly, providing their customers with the much-needed safeguard when handling digital assets.

Fidelity CEO Hoping to Have Digital Asset Custody Appealing to Wall Street

CEO of Fidelity Investments, Abigail Johnson, has been focusing on cryptocurrency market since 2015 when the company started to mine Bitcoin, and is now hoping that Fidelity’s upcoming Bitcoin custody service may be found appealing on Wall Street.

Fidelity is already a leading company in the world of mutual funds and retirement savings, and is hoping to attract the biggest institutional investors interested in cryptocurrency investments with the promise of offering safeguard when trading digital assets.

The company is already working with over 13,000 different financial companies, which makes for more than a benevolent start.

The upcoming Bitcoin custody should additionally offer private key custody, hacker attack prevention and protection, all while offering regulatory compliance.   

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