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Fidelity’s Crypto Custody Service Goes Live For Selected Customers

Fidelity’s crypto custody service goes live for selected customers

Fidelity’s Crypto Custody Service Goes Live For Selected Customers

Fidelity’s crypto custody service goes live for selected customers

Fidelity Digital Assets has launched cryptocurrency custody and trade execution services. Currently, it is available now only for selected customers, with the customer base expected to expand in the near future.

Fidelity Digital Assets, a new company that offers enterprise-quality custody and trade execution services for cryptocurrencies to institutional investors, has announced that its platform is live. Selected customers have got access to cryptocurrency custody and trade execution operations, while others may have to wait until September.

Fidelity Digital Assets is a company established by Fidelity, a multinational financial services corporation based in Boston, Massachusetts and the fourth largest asset manager with $2.4 trillion in assets under management as of December 2017. The giant spends $2.5 billion per year on technologies like artificial intelligence and blockchain.

Fidelity Digital Asset Services was set up in October last year with the aim to provide cryptocurrency storage and trading services to institutional and enterprise clients. The company targets institutional investors and works on cryptocurrency solutions for commercial space.

In January, Abigail P. Johnson, Chairman and CEO of Fidelity Investments, revealed the company’s plans to launch Bitcoin custody service, with Ethereum next, and said that the date of launch was set for March. The promise has turned out to be true, and the service is now live.

However, not all customers are able to use it. According to Tom Jessop, Fidelity Digital Assets head, some customers were using the platform in January when it was in the final testing stage, while for other customers, it was March. Others may wait until September.

Jessop explained:

“It really depends on the facts and circumstances of each client.”

It is notable that the service was developed when the crypto market had quite hard times. As Tom Jessop, the last year collapse did not have any impact on the launch. He said:

“If you started a crypto fund at the height of the market you’re probably hurting right now.”

Moreover, Jessop believes that despite the bear market, interest in cryptocurrencies from institutional investors continues to grow, as they are looking for long-term investments. But having a desire to add some form of cryptocurrency to their portfolios, they do not want to take risk connected with the volatility of cryptos, which, at the same time, provides trading opportunities.

According to the research conducted by Fidelity, about 22 percent of institutions asked already own cryptocurrency and expect to double their crypto assets over five years. Jessop said:

“If anything, they are as encouraged now as they were when prices were higher.”

Fidelity Digital Assets will provide a perfect solution for institutional investors who ‘wait and see’ when it comes to investing in cryptos. Earlier, Fidelity said:

“Our conversations with a variety of institutions have served to underscore their clear need for a trusted platform provider in order to engage with digital assets in a meaningful way.

We are committed to exceeding the requirements and standards of existing solutions with both our custody platform and trading venue — providing a combination of security and a central point of market access, disrupting the obfuscated nature of trading digital assets today.”

The new company will conduct trades on multiple exchanges for these investors, as well as handle custody and store digital assets.

Fidelity Digital Assets is one of the first companies to provide similar services. The team behind the company is currently working on improving various parts of the platform and planning to expand its customer base in the near future.

Published at Mon, 11 Mar 2019 08:04:45 +0000

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Bitcoin Price Analysis: Breach of Local Top Could Lead Push to $5000

Bitcoin Price Analysis

Another day, another all-time high for the BTC-USD markets. bitcoin has been on a strong bull run since its bottom in the $1800s and, despite many technical indicators, has pushed to new highs, week after week. With the international uncertainty surrounding the North Korean conflict and the recent news of Dalia Blass’s recent hire at the SEC, there is plenty of bullish news to fuel the push. However, the current BTC-USD all-time high resides in the lower $4800s, which many market analysts say is the local top of this run.

Figure_1 (4).JPGFigure 1: BTC-USD, 6-Hour Candles, Bitfinex, Recent Bull Fibonacci Extension

Typical Fibonacci Extensions are 127% and 160% of the total length of the bull run. $2600 (0% retracement value shown above) marks the breakout point of the current bull market BTC-USD is experiencing. There have been 4 attempts made to break the $4480 values (100% retracement value shown above). Due to the prolonged effort to break these values, we can make the argument that $4480s are the local top values; any values that breach beyond the $4480s are extensions of the bull run.

A week ago, BTC-USD made a test of the lower $3600s in a move that would ultimately bounce and push us to our current all time high. However, the move from the local bottom to the $4800s is currently forming a reversal pattern called a “Rising Wedge.” Although a Rising Wedge has a relatively high rate of failure, it is still something BTC-USD traders should keep an eye on:

Figure_2 (4).JPGFigure 2: BTC-USD, 2-Hour Candles, Bitfinex, Rising Wedge

The Rising Wedge is characterized by higher highs and higher lows that converge about an ascending value. For anyone trading reversal patterns, it is paramount to confirm the breakout before entering a position. In low confidence patterns like Rising Wedges, we must wait for a breakout below the wedge and for strong trading volumes to increase the likelihood of success. Some evidence that points toward a possible reversal is the RSI and MACD divergence.

Divergence is essentially an indication that there is potential bullish momentum loss in the market. It’s important to note that bearish divergence does not guarantee a market reversal and it does not mean the market will pullback. The only thing we are permitted to take away from bearish divergence is the argument that the market has an increased probability of either consolidation or a market pullback. In strong bull markets, bearish divergence can be seen for hours, days and even weeks.

Should the Rising Wedge break to the bottom, we can calculate the expected price move as follows:

Figure_3 (5).jpgFigure 3: BTC-USD, 2-Hour Candles, Bitfinex, Rising Wedge Price Target

In our case, should the Rising Wedge break to the bottom, we can expect an approximate $500 move downward. However, should the pattern fail to break to the bottom, we can expect a price upward to test the 127% Fibonacci Extension values around $5000 before encountering any significant resistance.

Summary:

  1. Global uncertainty surrounding North Korea’s aggression plus ETF optimism give further evidence to support a continued bullish market.

  2. A potential Rising Wedge could potentially cause a $500 BTC-USD market retracement. The pattern has yet to be confirmed.

  3. Should the Rising Wedge fail to break to the bottom, we can expect a further push toward the 127% Fibonacci Extension values of $5000.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Breach of Local Top Could Lead Push to $5000 appeared first on Bitcoin Magazine.

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