According to Cointelegraph's November 20 report, Fidelity Digital Asset Services (FDAS) has been licensed by the New York Financial Services Authority (NYDFS) to operate a virtual currency custody and execution platform on which institutional investors and individuals can participate. Store, buy, and transfer bitcoins.
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Financial Services Director Linda A. Lacewell pointed out:
- Blockstream CEO Adam Back: Bitcoin sidechain may destroy competitive coins
- Blockchain expansion is booming, and CasperLabs has completed $14.5 million in Series A financing
- Blockchain domain names: simpler, say goodbye to complex addresses
- Bloomberg: The US Taxation Authority has identified dozens of encrypted tax evasion and cybercriminals
- Ethereum Enterprise Alliance, in conjunction with Microsoft, IBM, etc., launched a general classification of standards to promote cross-platform transactions
- Bitcoin hash value futures will be launched in 2020, how will it affect the mining industry?
This approval further demonstrates that innovation and consumer protection can coexist in the growing and expanding financial services industry in New York.
Michael O'Reily, chief operating officer of Fidelity Digital Assets, commented on the matter:
The custody and transaction execution services we provide are an important cornerstone for institutional investors to continue to adopt digital assets. The New York Financial Services Authority has designated us as a trust company based on the credibility and trust we have established between the organization and other market participants. We will continue to play a leading role in supporting the maturity of the entire ecosystem while expanding our business and service to our customers.
Fidelity's development in cryptocurrency custodial services
In early November, Fidelity Investments hired Michael Zinaman as a product specialist to further oversee the company's strategy in cryptocurrency, custody and execution services. Zinaman is responsible for the strategy of the company's cryptocurrency custodial service launched in mid-October.
The company's CEO, Abigail Johnson, said that after a year of preparation and previous customer accumulation, Fidelity has fully launched the cryptocurrency custodian business.
Recently, Bitcoin trading platform Bakkt has received regulatory approval from the New York Financial Services Authority to provide custodial services to any institution. Previously, the platform's custodial services were only available to institutions or investors who conducted Bitcoin futures.