American investment firm Fidelity Investments is said to be unveiled in March of this year, as reported by Bloomberg, who confirmed the sensitive information from people familiar with the matter.
The hope is that this service will bring an air of security and confidence to the realm of institutional investors.
According to the report, the custody service, the flagship product of FDAS, which was first announced in mid-October, will first only support the flagship cryptocurrency. Ethereum (ETH) custody will purportedly go live if the Bitcoin launch is successful.
The company released a statement Tuesday, which is quoted in the article:
“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” Fidelity stated on Tuesday. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
This breaking development comes just weeks after a number of reports arose that Wall Street’s demand for this nascent asset class has begun to wane.
According to exclusive reports from The Block, institutional heads from both Blockchain.com and Coinbase, two of the most popular cryptocurrency companies in the world, recently left their positions vacant, with company sources noting that these occurrences were a result of waning demand from non-crypto-native funds/firms.
