According to a Bloomberg report, financial services giant Fidelity is targeting a March launch date for its cryptocurrency custody offering. The company is already offering its services to a select group of clients and told Bloomberg in a statement:
“We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Originally announced in October last year, Fidelity Digital Assets plans to offer custody and trade execution services for cryptocurrencies. The company has confirmed it plans to support both Bitcoin and Ethereum, although additional crypto assets could be in play as well. Sources that talked to Bloomberg said the custody offering will only support BTC at first, with ETH being added later.
Fidelity CEO Abigail Johnson has been enthusiastic about cryptocurrency for a while now. Her company, which manages $7.2 trillion worth of assets, has experimented with cryptocurrency mining and collaborated with Coinbase.
It seems that in the near future, there will be no shortage of institutional-grade infrastructure for cryptocurrency storage and trading. With giants such as Fidelity and Intercontinetal Exchange working on cryptocurrency products, we could see other major players become more comfortable with entering the space as well. Of course, this will depend on whether there is substantial demand for cryptocurrency from the institutional side once the products become available.