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Trading

Fidelity launches cryptocurrency servicing unit

Fidelity Investments announced Monday the launch of Fidelity Digital Asset Services LLC, a company offering custody and trade execution services for cryptocurrencies.

The services will be available for institutional investors, a news release said, specifically noting hedge funds, family offices and market intermediaries.

"Our goal is to make digitally native assets, such as bitcoin, more accessible to investors," said Abigail P. Johnson, Fidelity Investments' chairman and CEO, in a news release. "We expect to continue investing and experimenting, over the long term, with ways to make this emerging asset class easier for our clients to understand and use."

Tom Jessop is head of Fidelity Digital Asset Services. Mr. Jessup will continue in his prior role as head of corporate business development for Fidelity Investments, spokeswoman Jessica Macdonald said in an email.

The company has been created to fill a void in the support for institutions in the digital assets arena, the news release stated.