Fidelity Investment’s Bitcoin custody service is seeing a large interest from crypto native hedge funds, according to Tom Jessop, head of the business at Fidelity Investment.
Speaking at the DC Blockchain Summit on 7 March, Jessop said the company’s digital asset arm is also seeing interest from pensions and endowments looking to understand how a custody solution works.
He explained: “There’s something for everyone, if you’re about financial inclusion, payments and lowering the friction of money movement, or if you want to refactor existing capital markets, we can set up trades in a short period of time without settlement or credit risk.”
Jessop’s comments come after Fidelity announced it would expand Fidelity Digital Asset Services following its initial launch last October.
Since October, Fidelity Digital Asset Services has continued to build the technical and operational capabilities needed for securing, trading and supporting digital assets.
Its operations, risk, and compliance teams are working with auditors to refine its policies and procedures, adapt existing operational processes, and to set new benchmarks for this aspect of cryptographic and blockchain-based finance.
Fidelity services around 13,000 financial institutions as an institutional broker dealer.
