New York Department of Financial Services (NYDFS) has granted permission to Fidelity Digital Asset Services (FDAS) to provide custody services for institutional investors in the financial capital of the U.S to hold Bitcoin as an asset.
FDAS joins 22 other companies that have been given charter or a license by the regulator to engage in virtual currency business activities, NYDFS said.
Michael O’Reilly, Chief Operating Officer for Fidelity Digital said:
The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets
He then went on to say:
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
The news came as Galaxy Digital Holdings stated it was choosing Fidelity and Intercontinental Exchange’s Bakkt to store the bitcoin for its two new funds.
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