The Boston-based firm, who has long been a proponent of digital assets, even mining BTC back in 2015, is launching its BTC custody to a subset of its 13k financial institutional clients as other large custodian players such as Bank of New York Mellon, JP Morgan, and Northern Trust continue exploring the field.
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Fidelity is said to plan March launch of Bitcoin custody
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“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” the company said in a statement Tuesday. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.” Custody, a commonplace practice in conventional financial markets like stocks, involves a third party holding onto securities to reduce the risk they’ll be lost or stolen. But while a number of startups have sought to offer the safekeeping service, many Wall Street professionals have longed to work with a large financial services firm, a role Fidelity may fill. Others including Bank of New York Mellon Corp., JPMorgan Chase & Co. and Northern Trust Corp. have explored entering the field. Meanwhile, digital coins are constantly stolen, underscoring the need for better safeguards.
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