Fidelity Investment Reported Crypto Custody Service Likely to Boost the Market
Fidelity Investments is planning to launch a bitcoin custodial service in March. According to Bloomberg, sources with insider information on the matter have revealed that the company will first begin offering Ethereum and Bitcoin custodial services to a few select clients.
Experts predict that the market will experience an upturn within the next 12 months, and institutional investors are keen to jump on the bitcoin bandwagon before the expected price hike. As such, Fidelity Investment’s move to offer custodial services is in line with forecasted investor trends in the sector.
Most institutional clients would rather have their digital assets held by a reputable established company so as not to incur significant losses in case of a breach.
Institutional investors do not want to worry about private keys or maintaining passphrases for individual digital assets. Fortunately, the ecosystem is evolving to help increase access to products that will provide the same level of custodial service expected for other assets, despite the regulatory uncertainty.
