Fidelity Digital Asset Services has now received full approval in the form of a trust company charter, allowing the firm’s investment division to begin Bitcoin custody services for international investors. With this approval from the New York Department of Financial Services (NYDFS), Fidelity now joins the list of now-23 firms approved for Bitcoin custody.
According to Fidelity Digital Assets Chief Operating Officer (COO) Michael O’Reilly, the approval is a big deal in the move for increased cryptocurrency adoption, and will also help firms like Fidelity, enjoy a credible status with several organizations.
“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve.”
At the moment, Fidelity controls about $2.8 trillion worth of assets and has previously mentioned its intention to expand on cryptocurrency offerings. The NYFDS much earlier also granted Bakkt – a platform operated by the International Exchange (ICE) – approval to provide Bitcoin custody.
Fidelity Digital Asset Services went live back in March this year. With this new approval, New York is going strong with confirming its position as a favorable location for digital asset activity.
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