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The Wall Street’s renowned financial giant, Fidelity Investments’ crypto wing, ‘Fidelity Digital Asset Services, LLC (FDAS)’ has managed to bag the license from NYDFS to trade and custody bitcoins.
Well, FDAS has announced that it has received license from the New York State Department of Financial Services (NYDFS) to offer bitcoin trading and custodian services. Thereby, the lasted development has enabled the financial giant to generate a digital currency trading platform that can exclusively serve and foster the institutional client base. They highlighted this facility with four elements of institutional-calibre operations for digital assets, namely, Audited Operations, Regulatory Oversight, Institutional Account Structures, Risk Management Practices.
As per the press release of NYDFS, the Superintendent of Financial Services Linda A. Lacewell announced that the New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to FDAS, to operate as a limited liability trust company as part of the state’s rapidly growing virtual currency marketplace. With this authorization, FDAS can provide custody services and trading execution platform for the digital currencies, on which institutional clients and individuals can store, purchase, sell, transfer and safeguard Bitcoins.
Fidelity Investments is the world’s fifth-largest asset manager with $2.5 trillion in assets under management, has now positioned for the business dealing in the gamut crypto assets.
The investment company has done a proper ground work including their survey of 441 institutional investors, such as pensions, hedge funds, and endowments to determine the investment outlook for bitcoin and other cryptocurrencies.
