The cryptocurrency arm of financial giant Fidelity Investments has made its first move into Europe by acting as a custodian for London-based Nickel Digital Asset Management. 

According to a report by Reuters published Jan 14., the two companies announced that Fidelity Digital Assets will serve as the official custodian for bitcoin held by Nickel Digital Asset Management, a cryptocurrency investment firm. The report claims institutional investors around the globe have been hesitant to participate in cryptocurrency due to the high volatility and lack of back-office services such as custody.

Chris Tyrer, head of the European division of Fidelity Digital Assets, says the barrier to entry for institutional clients is gradually being lowered. 

He told Reuters, 

We see those three factors slowly resolving themselves, and as a result we are seeing a pick up in institutional investor interest.

Tyrer said the company has been receiving interest from family offices, wealth managers and crypto companies across Europe and stressed the benefit of uniform regulation in the European Union. 

Fidelity, based out of Boston, has more than $7.8 trillion in assets under management. 

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