Fidelity Digital Asset Services (FDAS) is “now engaged in a full rollout” of its trading and custody administrations, expanding from the restricted trial clients in the platform’s last test phase, as indicated by a Financial Times report.
The business had at first been anticipated to be open in Q1 of 2019.
In an interview with Abigail Johnson, CEO of Fidelity Investments, the FT stated:
“Fidelity started adding clients in the first quarter and is now engaged in a full rollout of its custody and trading services for digital assets — a boon to what is a fragmented and complicated industry, Ms Johnson told the FT in a rare interview.”
It was previously reported in February that Fidelity’s crypto custody and trading services platform was being trialed by a limited number of customers including family offices, financial advisors, and hedge funds.
The $2.8 trillion asset manager is one of the primary established conventional financial institutions to provide digital asset custody services as different peers are still standing by to perceive how the crypto business comes into formation.
While there are a few platforms giving comparable services, Johnson stated Fidelity’s huge customer base and system were unmistakable favorable advantages.
Coinbase, for instance, “is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers,” Johnson said through the FT.
That crypto exchange, taking care of billions of dollars of digital assets, was endorsed by the New York State Department of Financial Services, and offered its custody services for third parties last October.
On cryptocurrencies, in general, Johnson stated, “If you’re either interested or technically adept, then it’s not really that big of a deal.”