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Fidelity Aims To Launch Bitcoin Custody Service In March

fidelityinvestments jan30 lt

Financial services firm Fidelity Investments is targeting to launch its Bitcoin custody service in March, Bloomberg reported citing people with knowledge of the matter. The move by the mutual fund giant may help ease fears of trading cryptocurrencies.

In the custody service, a third party holds securities on behalf of the clients, reducing the risk of them being lost or stolen.

Fidelity earlier had said its new crypto company, Fidelity Digital Asset Services, would offer a range of crypto products for large investors like hedge funds, and would manage digital assets for family offices and trading firms.

The company said in a statement, "We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors."

Fidelity Chief Executive Officer Abigail Johnson, a strong supporter of digital assets, had earlier said that the company had made several venture investments in bitcoin-related businesses. The company began mining bitcoin in 2015 under her leadership.

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