The cryptocurrency business of Fidelity Investments has announced it has gone live with its first batch of clients.
First announced in October last year, Fidelity Digital Assets will offer trading and custody of cryptocurrencies to institutional investors such as hedge funds, family offices and market intermediaries.
“We are currently serving a select set of eligible clients as we continue to build our initial solutions. We’ve established a robust set of technical and operational standards at a level that institutions have come to expect from Fidelity,” read a statement by Fidelity Digital Assets at the end of January.
“Our initial clients are an important part of our final testing and process refinement periods, which will eventually enable us to provide these services to a broader set of eligible institutions.”
The firm outlined that its operations, risk, and compliance teams are currently working with auditors to refine its policies and procedures, and set new benchmarks for this “aspect of cryptographic and blockchain-based finance.”
Fidelity Digital Assets will provide a secure and compliant storage solution for Bitcoin, ether and other digital assets, consisting of cold storage, multi-level physical and cyber controls for security. It will also use its internal crossing engine and smart order router for trade execution of cryptocurrencies, allowing for execution at multiple market venues.Fidelity Investments was the first institutional buy-side firm to go public with its plans for the cryptocurrency markets. In December last year Fidelity Investments also participated in a Series B funding round that raised $27.5 million for Eris Exchange’s soon-to-launch crypto marketplace.