Fidelity Digital Asset Services (FDAS) has obtained a charter from the New York State Department of Financial Services (NYDFS) to work as execution platform and virtual currency custody.
Lace A. Linda, Supervisor of Financial Services noted that “this approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry”.
Commenting on the event, O’Reilly Michael, COO of Fidelity Digital Assets, said:
The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants. We will continue to lay a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve”.
According to a November press release,the New York State Department of Financial Services(NYDFS) approved Fidelity Digital Asset Services (FDAS) to work as a restricted financial institution and run a cryptocurrency custody and execution platform where ever each institution investors and people will buy,store,sell and transfer Bitcoin(BTC).
Fidelity’s development in cryptocurrency custody service
Fidelity investments,that stands behind FDAS, employed Michael Zinaman as its product specialist to additional manage the company’s strategy on cryptocurrencies,custody and execution services. Zinaman oversees the company’s strategy for its cryptocurrency custody service that launched in time period earlier in November.
Institutional Bitcoin trading podium Bakkt received regulatory approval from New York State Department of Financial Services(NYDFS) to supply custody services to any institution,recently. Previously, the choice was solely on the market for those trading its Bitcoin futures.
At the time the corporate’s business executive Abigail Johnson said that the company had absolutely laughed its crypto custody business following a head of preparation and accumulating purchasers.