Fidelity’s Crypto Unit Expands Trading, Custody Services to Europe

Fidelity Digital Assets, the cryptocurrency arm of Boston-based , has expanded its cryptocurrency trading and custody services to companies based in Europe.
Fidelity Digital Asset Services (FDAS) is establishing a new entity to serve investing in digital assets, it said in a corporate statement Tuesday. Fidelity’s cryptocurrency unit only serves institutional investors such as hedge funds, family offices and market intermediaries.

Even in the US, where the company secured a coveted license to offer wider crypto-related services in New York, Fidelity said earlier it is only targeting institutional customers and not retail investors like E*trade and .
The new company already features institutional-grade, crypto linked services, including a custody offering to safeguard holdings and execution services 24 hours a day, seven days a week.
A former banker leads the European business
Fidelity Investments, which manages $7.2 trillion worth of mutual fund assets, says FDAS provides infrastructure and an operational framework for the wider investment management industry and enable investors to embed a consistent set of best practice standards within their businesses.
Fidelity Digital Assets combines Fidelity’s expertise from asset administration with digital asset security, in a bid to provide a safekeeping service for investment houses looking to gain exposure to the rapidly emerging asset class.
Its newly-acquired license, which allows FDAS to operate as a Limited Purpose Trust Company, is wider than NY typical crypto license, or , in a way that it enables its carrier to operate more financial services like offering professional advice.
On a related note, Fidelity has named former managing director at Barclays Chris Tyrer to lead the European business. Tyrer was tasked with developing the investment bank’s digital assets project and was previously its head of commodities trading.
Tom Jessop, head of Corporate Business Development for Fidelity Investments and president of Fidelity Digital Assets said: “We’re also encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem. These and other market indicators, alongside interest expressed from U.K. and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically.”

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