Fight against Coinbase! Investment management giant Fidelity announces full launch of hosted services

One of the world's largest investment management companies, Fidelity Investments, a US financial services company, has fully launched its cryptocurrency hosting service.

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Abigail Johnson, chief executive of Fidelity Investments, revealed the progress in an interview with the Financial Times on October 18. Johnson said that after a year of preparation and customer accumulation, the company is ready to fully launch its cryptocurrency hosting business.

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Emerging but promising business

Last fall, Fidelity specifically stated that it would provide enterprise-grade cryptocurrency hosting services for hedge funds, family offices and financial advisors. Johnson said that the service is still in the development stage, but has not yet developed, but pointed out its potential and said:

“Some people have a lot of cryptocurrency wealth, maybe bitcoin, they are looking for someone to hold them for them, because once they die (this will happen at some point or another), you “must have a plan In order to be able to sell these coins to others. ”

When it comes to Coinbase's hosted products, Johnson believes that Coinbase "is still a company that most people have never heard of, and that they have no existing relationship with independent consultants."

As previously reported, Coinbase Custody was first announced in November 2017 and launched in July 2018 to provide strong encryption asset security. According to Coinbase, this has been the “number one” concern for institutional investors. As of August, Coinbase Custody claims to store assets on behalf of more than 120 customers in 14 different countries.

Fidelity's cautious approach to trading cryptocurrencies

Recently, Kathleen Murphy, president of personal investment at Fidelity Investments, said the company did not offer cryptocurrency services on retail trading platforms to protect customers. When asked when they would expect users to trade cryptocurrencies in a "meaningful way" on the Fidelity platform, Murphy replied:

“You know, we are very cautious about this. Therefore, although we accepted cryptocurrencies when trying to understand cryptocurrencies and innovating and thoughtful considerations, we are also very cautious in providing such products, so there is no retail platform. They are widely available. We need to be very careful to ensure that investors who are not institutional investors do not make mistakes about cryptocurrencies.

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