Fidelity’s digital currency wing goes live with select clients

• The Fidelity Digital Assets’ solutions “are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.”
• Tom Jessop, the head of FDAS, noted that the crypto bear market had no impact on its launch.

Fidelity Digital Assets (FDAS), the digital currency wing of United States financial services giant Fidelity, is now live with a select group of clients. The firm tweeted the following:

“We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.”

Tom Jessop, the head of FDAS, said to CNBC this week that the current crypto bear market hasn’t had an impact on FDAS getting up and running. Speaking at the DC Blockchain Summit, he said: "If you started a crypto fund at the height of the market you're probably hurting right now."

Fidelity had announced at the end of January that they would be launching their crypto custody service in March. Regarding that, Joseph Young, a leading crypto journalist, noted back then: 

“If Fidelity goes ahead with the launch of Bitcoin custody by the end of Q1, it would mean it sees some demand from institutions. Blockchain, Coinbase, and other companies laid off execs in charge of institutional clients. Refreshing to see Fidelity push forward.”