Fidelity Investments' crypto arm launches its first foray into Europe

Wednesday 15 January 2020 10:54 CET | News

The cryptocurrency arm of Fidelity Investments has launched its first foray into Europe, opening a new front in efforts to attract digital money into mainstream investing, according to Reuters.

Fidelity Digital Assets will act as a custodian for Bitcoin held by London-based cryptocurrency investment company Nickel Digital Asset Management. The lack of back-office services like custody offered by major financial companies has been one reason that large investors across the world have held back from involvement in the highly volatile but potentially lucrative emerging asset, according to Reuters.

Yet it remains to be whether the provision of such services alone by firms like Boston-based Fidelity, will pave the way for an influx of mainstream money into cryptocurrencies. Big pension funds and asset managers remain highly sceptical of digital currencies because of their patchy regulation and reputation for hacks, heists and other crime, despite the large potential gains on offer.

Launched in 2018, Fidelity Digital Assets offers cryptocurrency trading and custody services for financial firms and corporations. In November it was given the nod by New York’s financial watchdog to offer its services to companies in the state.
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Keywords: cryptocurrency, Fidelity Investments, digital assets, investments, brokerage, pension, volatility, Europe
Categories: DeFi & Crypto & Web3
Countries: Europe
This article is part of category

DeFi & Crypto & Web3