Fidelity Gets Bitcoin Trading and Custody Licence

November 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The New York State Department of Financial Services (DFS) has granted permission to the investment giant Fidelity to launch a limited liability trust company to serve the needs of the local digital currency market.

As the financial capital of the world, New York must remain a center of financial innovation. DFS will continue to provide regulatory oversight of new technologies to simultaneously develop innovation and protect customers, companies and markets, explains DFS Superintendent Linda A. Lacewell.

This endorsement further confirms that innovation and consumer protection can coexist in New York’s growing and expanding financial services industry.

DFS has allowed Fidelity Digital Asset Services (FDAS) to provide digital currency storage services and launch a platform through which investors can safely buy, sell and transfer Bitcoins. At the end of 2018, Fidelity controlled assets worth about $7 trillion.

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve,” said Michael O’Reilly, COO for Fidelity Digital Assets.

According to the company, it observes an increased interest in its own services in this industry and intends to provide infrastructure for representatives of a wider investment space who want to work with cryptocurrencies.

Author: Marko Vidrih