Fidelity wants to help big cryptocurrency investors
Photo: Nicholas Pfosi for The Boston Globe via Getty Images
Fidelity Investments has established a new standalone company that will provide custody and other cryptocurrency services to institutional investors like hedge funds and family offices. It is expected to roll out next year.
Why it matters: Custody has been one of the main hurdles to getting more institutional investors into cryptocurrencies. While some independent companies like BitGo and Kingdom Trust exist to help, several large financial institutions are developing their own.