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Fidelity intends to set-up custodian services for cryptocurrencies

Fidelity and many other largest conglomerates in the global financial markets 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 some $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.

OTC FX markets, which offers some 10,000 securities through a network of broker-dealers, like Fidelity, has now begun listing the ETN in dollars under the ticker of CXBTF.

While Crypto exchange ErisX has raised $27.5 million from Fidelity Investments and NASDAQ Ventures, among other investors. NASDAQ has been the world’s renowned stock exchange, while the United States investment firm Fidelity administers over $7.2 trillion in client assets.

Fidelity Investments now has a launching plans of its custodian service for Bitcoin, which is supposed to be March. This 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, also 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.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -92 levels (which is bearish), while hourly USD spot index was at -85 (bearish) while articulating (at 06:15 GMT).

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

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