Boston-based financial services giant Fidelity Investments has followed through on its promise to release a crypto product before the year’s end, and has revealed a new, separate subsidiary aimed at providing cryptocurrency custody and trading solutions to its 27 million clients.

The $7.2 trillion asset manager will use its existing technology, such as its internal crossing engine and smart order router, to execute trades for its customers across a number of yet-to-be-named cryptocurrency exchanges. In addition, Fidelity Digital Asset Services will offer an advanced offline cold storage solution for cryptocurrency custody.

“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” Fidelity Investments Chairman and CEO Abigail Johnson said, elaborating on the motive behind the move. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”

Fidelity becomes the first Wall Street incumbent to launch a cryptocurrency trading operation, despite competition in the space heating up in recent weeks. Other traditional finance market competitors such as Goldman Sachs, Citigroup, Nasdaq, and more are all said to be planning their own cryptocurrency trading desk in the future, however, Fidelity has beaten them to the punch.

Fidelity Digital Asset Services will be led by Tom Jessop. Jessop believes that there are “certain things institutions needed that only a firm like Fidelity could provide.”

Traditional finance firms such as Fidelity may have an easier time luring institutional investors than current cryptocurrency industry vets like Coinbase have had. Coinbase, who has largely been focused this year on onboarding institutional clients, terminated its Coinbase Index Fund due to lack of institutional interest.

Hedge funds and other institutions will feel more comfortable investing in a risky asset class like cryptocurrencies if dealing with a tried-and-true company like Fidelity that has a proven track record of safety, security, and transparency.