Fidelity Digital Assets

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Fidelity Digital Assets
Founded 2018
Headquarters Boston, Massachusetts
Key People Tom Jessup, Abigail Johnson
Employees 100
Products Cryptocurrency custody and trading
Twitter @Fidelity
LinkedIn Profile
Facebook fidelityinvestments
Website Fidelity Home
Releases Company News

Fidelity Investments (Fidelity) CEO Abigail Johnson announced the formation of Fidelity Digital Assets LLC (FDA) on October 15, 2018. The fully-owned subsidiary is headed by Tom Jessop, Fidelity's head of corporate business development.[1] At the time of the announcement Fidelity was the fifth largest asset management firm in the world with $7.2 trillion in customer assets under management or administration.[2]

Limited at first to bitcoin and Ether, FDA will offer trading and custody services for cryptocurrencies to corporations, hedge funds and other investment managers through dedicated customer services.[3]

Fidelity gained early experience with cryptocurrencies first by mining bitcoin in 2013 and then later by allowing its customers to view their bitcoin holdings at Coinbase through their online Fidelity accounts.[4] Its Fidelity Labs division, a new business and product development incubator, co-sponsored the L2 Summit with the MIT Media Lab’s Digital Currency Initiative, which focused on scaling solutions for cryptocurrencies.[5]

Bloomberg reported in late January 2019 that sources with knowledge of the matter were saying that Fidelity Digital Assets would launch its custody services in March 2019. The company issued a statement at the time saying that it was already serving several clients and planned to expand its services to more customers over the next few months depending on, among other things, customers' needs and jurisdictions.[6]