Leading United States-based financial services firm, Fidelity, has officially launched Fidelity Digital Assets with a small group of clients. This news comes via an announcement made on the company’s Twitter yesterday, with a link to a January 31st post on its Medium blog.
The full Tweet read:
“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.”
According to its website, Fidelity Digital Assets offers “institutional solutions for a new asset class,” including “custody and trading solutions.”
On October 15th 2018, Fidelity first announced it had been developing Fidelity Digital Assets. In a Medium post explaining their “… Journey from Idea to Market,” the company explains:
“It was about a year and a half ago that Fidelity Investments first started to acknowledge its interest in the potential for digital assets and blockchains to revolutionize our industry. Though as many now know, this work had been going on for a few years prior to that.”
In its January 31st Medium post, Fidelity announced that it was in the process of testing its service:
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.
In an interview with CNBC earlier this week, Fidelity Digital Assets head Tom Jessop said the company was live, but that the company was still working on different aspects of the platform. He went on to explain that while some companies were onboarded onto the platform in January, others may wait until September, since it “really depends on the facts and circumstances of each client.”
Jessop later noted that the bear market that crypto market has found itself in did not have much of an effect on the development of the platform. “If anything,” Jessop said, “They are as encouraged now as they were when prices were higher.”