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Fidelity Investments’ digital assets solution branch (Fidelity Digital Assets) has already 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. The Bitcoin custodian service is going to be the pioneer among the many crypto products which could be accessible for the specialised investors’ class like asset management/hedge fund companies.
As per the research from Fidelity Investments, the institutional investment in cryptocurrency avenue is also most likely to surge in the next couple of years. Fidelity Investments is the world’s fifth-largest asset manager with $2.5 trillion in assets under management.
The reputed investment company surveyed 441 institutional investors—including pensions, hedge funds, and endowments—to determine the investment outlook for bitcoin and other cryptocurrencies. So, the robust mechanism of custodian services is the most essential.
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. Thus, we will be looking at that,” Jessop mentioned.
While the CEO of Onchain Custodian, Alexandre Kech, anticipated growing interests for collaboration between crypto players and traditional custodians. At Consensus2109 of Coindesk, he made his remarks on mounting custodian services for crypto-assets during a panel called “Custody”. He thinks the development is constructive for the industry.
In addition, Fellow panelist the CEO of Kingdom Trust, Matt Jennings, added that they have “worked with the large, traditional custodians for a long time.”While Jennings noted these institutions being conventional and rigid, stating “their offerings are limited and I don’t see that being any different in crypto space.”
Sam McIngvale, the CEO of Coinbase Custody, has also shown the same consensus with those notions, appending that “selling custody is ultimately selling trust and a track record.”
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -131 levels (which is highly bearish), while hourly USD spot index was at 75 (bullish) while articulating (at 12:04 GMT).
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