Fidelity Investments’ crypto-asset division, focused primarily on the market leader Bitcoin, has just been granted a key license by the New York State Department of Financial Services, allowing them to further expand their foray into cryptocurrency and blockchain.
According to a blog update from Fidelity Digital Assets (FDAS), the NYDFS has just given it a ” limited purpose trust company charter.” This will allow it to launch a platform for cryptocurrency custody and execution “on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin” to residents of New York, said the financial regulator.
4 elements of institutional-caliber operations for #digitalassets:
•Institutional Account Structures
•Risk Management Practiceshttps://t.co/NacvtR2yoV
— Fidelity Digital Assets (@DigitalAssets) November 19, 2019
This news comes shortly after the chief executive of the financial services giant, which has over $2 trillion under management, said to the Financial Times that her cryptocurrency subsidiary intends to roll out custody to a larger group of Fidelity’s clients. Abigail Johnson said at the time that FDAS is “now engaged in a full rollout of its custody and trading services for digital assets.”