The fifth largest asset managers in the world, Fidelity Investments will be helping Bitcoin emerge as every institutional investor’s favorite asset by launching a Bitcoin custodial product.
It is scheduled to release in the first quarter of 2019, with the most likely date to be set in March 2019.
A statement released indicates that a select set of clients are already offered Fidelity’s custodial services for Cryptocurrencies. These clients will be used to help create a robust infrastructure surrounding Bitcoin.
Fidelity already supports Cryptocurrencies with the launch of a subsidiary called Fidelity Digital Asset Services in October 2018. Fidelity boasts of an astounding $2.5 trillion in assets and a wide spread of 13,00 financial institutions working with it makes it essential for the Cryptocurrency industry. The trustability of the brand ‘Fidelity’ will bring institutional investors much closer to Cryptocurrencies.
At the time of writing Bitcoin is slumping below the $3,500 mark. It is currently valued at $3,457 with a market capitalization of $60.5 Billion.
However, doubt has risen from the institutional investor’s point of view as Bakkt has been postponed to an unspecified date. Hence the March 2019 release of Fidelity’s Bitcoin custodial product could also be delayed to a much later date due to regulatory confusions about digital assets.
Never say never though, all eyes are towards Fidelity’s crypto friendly CEO Abigail Johnson now!
In other news: Nasdaq Set to Launch Bitcoin Futures in Q1 Next Year According to Sources
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