American giant Fidelity Investments is setting up a European entity to serve European institutions who invest in digital assets.
According to a press release, the new Fidelity subsidiary – called Fidelity Digital Assets, Ltd – will be offering “access to enterprise-quality custody and trade execution services for digital assets to investors such as hedge funds, family offices and market intermediaries”.
The business is said to build on its New York-based equivalent, Fidelity Digital Asset Services, LLC, which is already serving US-based institutional investors with the mentioned services since October 2018.
Fidelity describes its digital assets custody service as “secure, compliant, and institutional-grade storage solution for bitcoin, and other digital assets in the future”.
Crypto news site The Block observes that in November, Fidelity Digital Assets was granted a regulator license to provide custody services to clients in the state of New York.
“The firm has also built trading tools for institutional clients to trade cryptocurrencies easily,” adds The Block.