Fidelity Investments has finally launched its cryptocurrency custody service.
In an interview with published on Oct 18th in the Financial Times, CEO Abigail Johnson said that the company is rolling out it's crypto custody service after preparing for over a year. During that year, Fidelity was focused on the accumulation of clients.
As reported by CoinTelegraph, Johnson noted the service's potential, stating:
“There are people out there with significant amounts of wealth in cryptocurrencies, probably Bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else.”
Speaking about Coinbase’s custody offering, Johnson argued that Coinbase “is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers.”
The firm does not offer cryptocurrencies on retail trading platforms to protect its clients. When asked when she expects users to trade crypto “in a meaningful way” on Fidelity’s platform, personal investing president of Fidelity Investments Kathleen Murphy replied:
“You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency.”
This article is not intended to be financial advice. As always, do your due diligence before investing, and never invest more than you can afford to lose.