The Fidelity Digital Asset Services (FDAS) platform has been granted a New York license from the state’s financial regulator. Investors will now be able to conduct cryptocurrency transactions with guarantees from the government.
Fidelity Investments is one of the largest financial asset management companies in the world. The company is currently responsible for the management of $2.8 trillion and the administration of $3.9 trillion.
‘The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. 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, CEO of Fidelity Digital Assets.
The launch of the Fidelity crypto platform is a highly anticipated event on the same level as news on Bitcoin ETFs and Bakkt. This platform will facilitate the flow of new funds into the cryptocurrency market, which will in turn lead to an increase in market capitalization.