Fidelity Investments is the Boston operating finance company holding trillion worth of digital assets under management. This company holds a crypto-centric subsidiary which entitles as Digital Asset Services aka FDAS. According to the reports, FDAS is planning to launch Bitcoin Custody Service by March.
LATEST: Fidelity is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter https://t.co/IjaZm93aQ3
— Bloomberg Crypto (@crypto) January 29, 2019
The news source cites three personalities known with this matter: the custody service. Moreover, this project service will be the FDAS flagship product lately announced in mid of October last year. The report also says that the initial is only supporting the flagship cryptocurrency.
Ethereum custody is said to purportedly go launching once the Bitcoin is launched successfully, backing the previous sources on the matter. Answering the rumors, the company Fidelity recently released a statement regarding its crypto-friendly offering.
Whereas, the leftover rather nebulous has yet not revealed any further details. Also, the company states that it intends to serve a selective set of eligible clients. They are further looking to continue developing and bolstering their crypto offerings. Meanwhile, Fidelity spokespeople explain:
Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.
This exclusive development follows the recent demand from Wall Street for this nascent asset class. The report says that the institutional heads comprising both Blockchain.com as well as Coinbase, which are currently the two popular digital firms, resigned from their positions leaving it vacant. The company sources mention about these occurrences to be the outcome of waning demand drafting right from non-crypto-native funds and firms.
However, influencers such as Brian Kelly, Mike Novogratz, and some countless credible commentators talking about crypto on Twitter, claims that this custody service by FDAS might entice the thousands of institutional clients of a company to invest capital in digital assets together with a wider ecosystem.
During a recent interview with Bloomberg, the great influencer Mike Novogratz made a remark on the custodial service. This potentially boost mass interest in Bitcoin deriving from biggest hotshots at Wall Street.
The Reaction By Some Known Crypto Community On Twitter
As this news broke out, the leading commentators keeping an eye on market took to twitter en-masse to touch regarding this role development within an industry relating the future. The famous trader astutely recalls his thousands of followers that Fidelity tackles around $2 trillion worth in assets, which seems purportedly a sum equivalent to France’s 2018 GDP. However, this was likely with regards to the “FOMO” which its firm catalyzing about its custody service goes launching.
Friendly reminder that Fidelity manages over 2 TRILLION dollars of assets.
For reference, that’s about equal to France’s 2018 GDP. pic.twitter.com/vUKqX66fiz
— ฿ully esq. (@BullyEsq) January 29, 2019
Talking about the same news, a fellow industry analyst Sicarious, who is a semi-retired crypto trader mentions about Philakone to quietly fill longs across this Fidelity news. His tweet reads:
Phil has you all distracted while he's quietly filling longs on this Fidelity news. Wake up sheeple, it's a ruse!
— sicarious (@Sicarious_) January 29, 2019
You might be aware of the name Joseph Young, who is a leading crypto journalist. He recently notes the planned date for the FDAS’ launch is March. This is an inaugural product which specifies to see some demand right from institutions. Also, Joseph adds that it feels refreshing to watch Fidelity renewing its push within this industry.
If Fidelity goes ahead with the launch of Bitcoin custody by the end of Q1, it would mean it sees some demand from institutions.
Blockchain, Coinbase, and other companies laid off execs in charge of institutional clients. Refreshing to see Fidelity push forward. pic.twitter.com/BO4eAcAGOc
— Joseph Young (@iamjosephyoung) January 29, 2019
So, looking at the back to back news and current market conditions, the underlying growth of crypto industry is surely not slowing down. In fact, the crash of the Bitcoin price will soon be resuming its power.