The fourth largest asset manager in the world has specified a huge amount of capital to spend on the project as it declared.
Chairman and CEO of the company Abigail Johnson stated: “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”, stressing that the company aims “to make digitally native assets, such as Bitcoin, more accessible to investors”
Reports inform that Fidelity created its own spin-off named Fidelity Digital Assets. The Boston-based LLC will reportedly house a crypto trading platform, in addition to custody solutions to offer a mainstream and secure way for traditional Wall Street investors for holding and storing crypto assets.
The company said it will offer its services around the clock, along the week, to keep up with the non-stop nature of the cryptocurrency market.
Safety of Digital Assets Storage on the Goals Lists
In his turn, Tom Jessop- head of Fidelity Digital Assets said: “We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” explaining that the company has repurposed some technology from other parts of Fidelity, adding: “we can leverage all of the resources of a big organization.”
Its years of experience in enterprise security played a significant role in preventing hacks- says the company- and will implement cold storage to keep its digital assets safe.
With that being said, the cryptocurrency the company holds on behalf of its customers will be disconnected from the internet, and will require special security settings to access and release.
In his turn, market analyst Tom Lee sees that Fidelity’s move bolsters the next phase for cryptocurrencies.
“You might look at the crypto world and say, ‘Wow, is this a new thing?’ but we’ve been managing key materials for a long time,” says Jessop. “We took our learnings in how to run enterprise security, then through our exploration of Bitcoin and some of the people we’ve hired, quickly developed some of the crypto native expertise and federated the two of those things.”, added Lee.
It is worth mentioning that Fidelity holds more than $7.2 trillion in total customer assets, with approximately 27 million clients.