Fidelity, provides financial services for $7.2 trillion in customer assets and provides clearing, Launches Institutional Platform For Bitcoin

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Already, Fidelity Investments provides financial services for $7.2 trillion in customer assets and provides clearing, custody and investment services for 13,000 institutional advisory firms and brokers. But the fifth largest asset manager in the world has so far largely limited its cryptocurrency exposure to a few periphery services and through donations via their non-profit Fidelity Charitable.

With Fidelity Digital Asset's first customers being on-boarded now, and general availability scheduled for early 2019, the launch of the subsidiary with 100 employees marks the latest, and perhaps largest push into cryptocurrency by an institutional asset manager.

“This is a recognition that there is institutional demand for these assets as a class,” founding head of Fidelity Digital Assets Tom Jessop, told Forbes. “Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.”

Announced at an event in...

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