Fidelity – a Boston-based multinational financial services corporation – has officially gone live on March 8th with their Fidelity Cryptocurrency platform, available for a selected group of eligible customers.
“We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.” the firm tweeted on March 8.
This was the final result after the testing phase of a previously introduced new Fidelity digital asset service. According to the firm, the new platform has undergone many major developments to match the institutional trading, custody standards as well as regulatory requirements.
Fidelity Digital Assets director Tom Jessop told CNBC that several parts of the platform still requires a few adjustments despite having gone live. Therefore, only a selected few of customers are able to use the platform since January, while the rest may have to wait until September since the system “really depends on the facts and circumstances of each client.”
Jessop also believed that the significant downfall in the cryptocurrency market last year has no effect on the company’s growth, despite stating it would not be wise to invest in a new crypto fund with the current market state.
Following the new platform announcement, Fidelity is planning to launch its own Bitcoin custody offering this March, along with working on growing their client base as the firm progresses.