Fidelity Digital Asset Now Licensed to Manage the Crypto Custody Platform
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Fidelity Digital Asset Now Licensed to Manage the Crypto Custody Platform
New York State Department of Financial Services (NYDFS) has granted the license to Fidelity Digital Asset Services, LLC (FDAS) to run a digital currency custody platform.
The news was revealed on Nov 19 regarding the aforementioned concern. As per the release, the NYDFS licensed FDAS to run as limited liability trust company firm. Also, the grant is to operate digital currency (cryptocurrency) custody platform where the Institutional financiers and individuals will be able to acquire, store, sell, and convey the Bitcoin (BTC).
Superintendent at Financial Services, Linda A.Lacewell made a statement. Stated:
"This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry.”
Making remarks on the advancement, COO of Fidelity Digital Assets, Michael O'Reilly said:
“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.”
Fidelity's Advancement in Crypto Custody Services
At the beginning of November, Fidelity Investments appointed Michael Zinman as its product specialist. Zinman is specifically hired to supervise the company's planning and plotting over crypto, custody and implementation services. Further, Zinman oversees the firm's strategy for its crypto custody service that initiated in the mid of October.
At the time, CEO at the company, Abigail Johnson stated that the firm had completely initiated its crypto custody business following a year of preparation and gathering of clients.
Recently, Bitcoin trading forum, Bakkt obtained a regulatory grant from NYDFS to provide custody services to the institutions. Earlier, the option was merely available for those trading its Bitcoin futures.
