Cybersecurity firm Fidelity announced a new and separate company to handle custody for cryptocurrencies
Even if there is a current slump in prices and news of hacks and fraud, acceptance among institutions for cryptocurrency is growing. The 72-year-old firm announced the launch of a separate company, Fidelity Digital Asset Services, on Monday that will handle cryptocurrency custody and trade execution for institutional investors.
Fidelity has a long history of dealing with enterprise security, as well as public and private key cryptography. It also has a few existing cryptocurrency projects: It started bitcoin "mining" at a location in New Hampshire when the digital asset's price was around $180, has a partnership with Coinbase that allows Fidelity customers to check their cryptocurrency balances on the Fidelity app, and in 2015.