Investment firm Fidelity Investments, which serves over 27 million customers, announced on Monday its plans to open a cryptocurrency trading desk to institutional investors through a new company called Fidelity Digital Assets Services. This marks the first time a Wall Street firm will offer trading and custody services in the cryptocurrency market to investors.
The new service is expected to begin operations in 2019, with officials saying that the thought of building a bridge between the cryptocurrency market and heavy investors was an idea long being incubated. Services will be directed towards hedge funds, endowments, and family offices; retail investors are not on the cards yet.
Until now, Fidelity’s chief offerings included 401k and retail-brokerage with a total asset management of $7.2 trillion. The new service, as declared by Head of Corporate Development Tom Jessop, is a bold move intended primarily to serve institutional investors.
Speaking to the