Fidelity Plans to Launch Bitcoin Custody Service in March

Fidelity is planning to Launch its Bitcoin Custody Service in the month of March. The Services will be useful for traders by making crypto trading simple and easy.

According to Bloomberg, Fidelity one of the biggest providers of retirement savings and mutual funds, is now planning to bring this custody platform for large investors and crypto traders.

Last year in October the firm had announced that it would offer services related to cryptocurrency trading platform for investors like hegde funds. In these one of the services would be Bitcoin storage to be released first, according to employees of three firms that discussed with Fidelity and asked not to be named as it is private discussion.

“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” said Fidelity on tuesday

Because for the next couple of months the company will be selecting its clients for the platfrom based on needs, jurisdiction and other factors.

This platform would be a place for even finical markets like stocks and also would involve third party security. This is done to reduce the risk of attacks or stealing cryptos. Because several cryptocurrency exchanges has been attacked and stolen from them since past years. Thus, cryptocurrency platform needs to be provided with the best security.

The CEO of Fidelity Abigail Johnson has been a supporter of digital assets and since her time in Fidelity, the firm began its first Bitcoin mining in 2015. Fidelity this digital asset platform will be able to appeal wall street need for trading and safekeeping of cryptocurrency.

The company has already been working with over 13,000 financial organizations. Last year the firm hired Tom Jessop from crypto world, he is working as the head of corporate business development now in Fidelity. He was also the president of Chain Inc, which provides blockchain services to finical organizations.

what do you think of bitcoin custody services releasing in march? let us know in the comments below.