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Fidelity Investments Sets Up a Cryptocurrency Custody Service for its Customers

Fidelity

Fidelity Investments has launched its cryptocurrency custody service. SEO of the institution, Abigail Johnson, revealed this in a recent interview On October 18.

He stated that after 12 months of gaining customers and preparation, the company is completely set to launch its custody service.

American financial services company Fidelity Investments has fully launched its cryptocurrency custody service.

The financial firm already controls $2.8 trillion worth of investment.

Last year, the company announced that it is going to launch the custody service. It is trying to keep its promise to investors and customers.

According to the October 18 announcement, the company will carry out trade execution and completely secured custody service for financial advisers, family offices, and hedge funds that are into cryptocurrency.

More crypto security options for crypto enthusiasts

After the initial announcement last year, the firm began to gain new customers and is now set to roll out the custodian services it offers.

Speaking in defense of the complicated and fragmented crypto industry, Johnson added that those who are technically adept or who have a keen interest in crypto trading would not find it difficult.

In the interview, she added that it is not too different from other financial activities in the investment firms and banks.

She added that the special custody service would be beneficial for inventors who want to make sure their coins are safe.

She pointed out that many have lost their investments because lost thumb drives or the death of the investor who never passed their keys to their relatives.

According to her, with the security insurance and protection from the custody, the above problems will become history.

She continued by saying a great number of people with bitcoin are looking for safer ways of keeping those coins.

There should be a good medium of passing crypto investment over to the next of kin, in case the original owner dies.

That is one of the services the crypto custody service will provide.

Fidelity Investment follows the trend

Indeed, Fidelity is not the first company to roll out such service. Other older companies are offering such services before now.

One of the largest cryptocurrency exchanges, Coinbase, has billions of crypto dollars of customers on their care for protection.

Only last year, the company began its third-party customer custody business.

Interestingly, no one will regard coinbase as popular in the mainstream. Many people do not have any existing relationship advertisers, and many more have not heard of them.

Yet, they manage to control a huge amount of crypto funds for their customers.

Ms. Johnson explained that its company intends to reach out to the market to offer their custody service to them.

Thankfully, it has gained a lot of customers who are ready to deposit their currency with them, according to her.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.