Fidelity Digital Assets Gets Green Light to Offer Crypto Trading and Custody Services to institutions

Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, has obtained a trust company charter from the New York Department of Financial Services (NYDFS), allowing it to offer cryptocurrency trading and custody services to institutions in the state.

The limited-purpose charter the company received will see it join 22 other companies that have been approved for a charter or license by the regulator to engage in cryptocurrency-related business activities in the region.

In a blog post, Fidelity Digital Assets wrote:

We have experienced a high interest level from these firms and anticipate that their increased involvement in this industry would enable more activities and development across the spectrum.

The New York Times reports the company’s president, Tom Jessop, said during an interview demand for cryptocurrencies has been shifting since the company’s launch, as it is no2 seeing “strong demand and greater diversity of client types.” Per Jessop there are more traditional investors now, as when the firm started “it was crypto funds and hedge funds.”

As CryptoGlobe reported Fidelity Digital Assets’ Bitcoin custody services went live in March of this year, and already include a few noteworthy clients. One of them is Michael Novogratz’ Galaxy Digital, which recently launched two new bitcoin funds for institutional investors.

Jessop, the New York Times adds, has said Fidelity Digital Assets is planning to start offering its services for other cryptocurrencies over the next year, and is also considering opportunities outside of the United States.

Featured image via Pixabay.