Cybersecurity
Fidelity Is Said to Plan March Launch of Bitcoin Custody Service
- Service may help institutional investors ease into crypto
- Commonplace in other assets, custody’s absence keeps pros out
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Fidelity Investments is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter, as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies.
In October, the Boston-based firm announced it would offer a range of crypto products designed for large investors like hedge funds. Bitcoin storage will be the first one available, according to employees of three firms that spoke with Fidelity in the past several weeks and asked not to be named discussing plans that are still private. Ether custody is expected to be next, they said.