Fidelity Digital Assets is reportedly applying for a trust license from the New York Department of Financial Services, which, if granted, could help expand the presence of institutional investors in the crypto space.
The crypto arm of powerhouse asset manager Fidelity Investments, Fidelity Digital Assets, is a custody business that also offers transaction services for crypto.
The pending trust license would let the company add New York to a selection of states where that custody business operates, The Block reports.
Fidelity Investments administers more than $7.2 trillion in client assets and processes more than 1.3 million trades daily. The company has recently been expanding its crypto services, announcing its intention to launch Bitcoin trading services for institutional investors in May. Upon launch, Fidelity will buy and sell Bitcoin on behalf of its customers.
In an email to Bloomberg, Fidelity spokeswoman Arlene Roberts explained,
“We currently have a select set of clients we’re supporting on our platform.”
“We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”