One of the largest American financial services corporations, Fidelity, is preparing to enter the European market with a product orientated towards digital assets. The branch called Fidelity Digital Assets is already operating in the U.S. since last year, delivering cryptocurrencies to institutional investors.
Fidelity Digital Assets Enters Europe
Last year, Fidelity Investments Inc, launched a new business venture in the U.S. oriented towards cryptocurrencies. It’s called Fidelity Digital Assets Ltd, and it allowed institutional investors to purchase digital assets in a controlled manner, resembling how they could invest in more traditional assets such as stocks and bonds.
Today, the company officially announced that the same service will be available in Europe, as well. Institutional investors, such as hedge funds, family offices, and market intermediaries will be able to start using Fidelity’s platform for buying and storing digital assets.
According to the statement, some of the benefits that they will receive include a “secure, compliant, and institutional-grade storage solution for Bitcoin, and other digital assets.” This would be ensured by vaulted cold storage, multi-level physical, operational and cyber controls, and numerous security protocols.
Moreover, Fidelity will provide a trade execution venue that has multiple sources of liquidity, and a dedicated team of client service specialists to assist from the initial stages to more complex topics like investment strategies.
Fidelity And Cryptocurrencies
Fidelity is actually among the very first large financial service companies that have begun adopting cryptocurrencies. Back in 2014, the company launched its Blockchain Incubator as a part of the Fidelity Center for Applied Technology.
More recently, it introduced the aforementioned Fidelity Digital Asset Services, which has attracted lots of attention since last year. According to the president of that branch, Tom Jessop, the service is continuously growing, and the demand for a similar product in Europe was notable:
“Since launching Fidelity Digital Asset in the U.S. over a year ago, we have seen significant interest and engagement by the institutional community, which show no signs of slowing. We are also encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem. These and other market indicators, alongside interest expressed from the U.K. and European client prospects, indicate a market with increasing potential, which gives us the confidence to expand the digital assets business geographically.”
Featured image courtesy of WSJ