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Bitcoin aspirants to trade with fidelity as Fidelity to offer custodian service for cryptocurrencies

The prime objective and essentialities of cryptocurrency invention during 2008-09 were to generate fidelity and efficient method of mobilizing funds across the globe, ever since then it’s been signified as ‘digital gold’. With an objective of fostering the reliability and anonymity, a Japanese had to invent something which did not exist, and this was quite possible when Blockchain technology came into the picture, and hence, the digital ledger of constant Bitcoin transactions, was developed. 

However, due to the rising numbers of hacking scams in the crypto-exchanges in the recent past, Fidelity, and many other largest conglomerates in the global financial markets found the necessity and have been working to strengthen the infrastructure around cryptocurrencies.

Amid the crypto-market downturn which began especially after the news of the US Securities and Exchange Commission’s (SEC) declining the decision on an ETF product approval, the globally reputed financial services company, Fidelity Investments, which has about $2.6 trillion assets under its management, started rendering clients with the ability to buy Bitcoin Exchange Traded Notes (ETN) offered by XBT Provider on Sweden’s Nasdaq last year.

Fidelity Investments’ digital assets solution branch (Fidelity Digital Assets) has now announced that its Bitcoin custody service has gone live with “a select elite category of clients”, earlier today on their official Twitter handle. 

The Bitcoin custodian service is going to be the pioneer among the many crypto products which could be accessible for the specialized investors’ class like asset management/hedge fund companies. 

Tom Jessop, chief of Fidelity Digital Assets, had divulged that the company has expansionary plans for its institutional crypto asset platform to include trading services for the market cap based major cryptocurrencies. “I think there is demand for the next four or five in the rank of market cap order. So we will be looking at that,” Jessop mentioned.

The asset management company, intends this customized service, especially for institutional investors. 

As per the announcement: “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”

The latest announcement also reveals that their objective of custodian services are backed by robust technical and operational standards best suitable for institutions, fulfilling their beliefs.

This development appears to be an ecstatic thing for many aspirants of the cryptocurrency gamut on the back of news potentially to strike a chord within the regulatory framework also as the potential changes by the institutional giants of Fidelity need to be considered.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 131 levels (which is highly bullish), while hourly USD spot index was at 56 (bullish) while articulating (at 06:23 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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