The much-awaited digital currency wing of the United States financial services giant Fidelity, Fidelity Digital Assets goes live with a selected group of clients. The firm announced the same on March 8, via Twitter.
We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors. More on our project: https://t.co/EkJ2pWJt2Y #DCBlockchain
— Fidelity Digital Assets (@DigitalAssets) March 7, 2019
Previously at the end of January, Fidelity announced that the new digital asset service is in its final testing stages. The company further stated at the time that since its initial announcement in October 2018, they have been developing the platform to meet institutional trading and custody standards along with keeping up with the regulatory requirements.
Tom Jessop, the Fidelity Digital Assets head stated in an interview with the CNBC, that even with the company now live, the team is still working on various parts of the platform. He also noted that some users are using the platform since January, while others might have to wait until September, as the timing “really depends on the facts and circumstances of each client.”
Jessop went on to assert that the prolonged crypto winter did not affect the firm’s development, though he stated, “if you started a crypto fund at the height of the market you’re probably hurting right now.” As per Jessop, institutional interest in cryptocurrencies has continued to grow in spite of the bear market. He said:
“If anything, they are as encouraged now as they were when prices were higher.“
As per the report from anonymous sources in January, the Fidelity’s Bitcoin (BTC) custody offering would go live by March 2019.