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US-based Fidelity Investments launches digital asset business in Europe

U.S.-based asset manager Fidelity Investments launched a European unit called Fidelity Digital Assets Ltd., which will act as a custodian for bitcoin held by U.K.-based cryptocurrency investment company Nickel Digital Asset Management, Reuters reported Jan. 14.

The company previously said the new unit will offer access to enterprise-quality custody and trade execution services for digital assets to investors such as hedge funds, family offices and market intermediaries. It follows the launch of Fidelity Digital Asset Services LLC in New York in 2018, which provides the same services.

The move could result in increased mainstream investment into cryptocurrencies, which has so far remained patchy due to the lack of back-office services such as custody, varying regulation and cybersecurity risks, Reuters said.