Top brokerage firm Fidelity, has filed an application to be a New York Trust, The Block reports. The application by Fidelity Digital Assets Services (FDAS), the crypto arm of Fidelity, if successful, would allow it to serve New York traders in all realms of its business in financial markets. New York will join a handful of U.S. states in which Fidelity currently operates its custody business for digital assets.
Other notable organizations who have also applied for New York Trust License include ICE’s pending crypto platform, Bakkt, which wants to be a qualified custodian to store the bitcoin underpinning its futures contract. Social media giant Facebook also applied with the NYDFS to acquire a cryptocurrency business license to operate its planned stablecoin Libra in New York.
Current major competitors of Fidelity in custody service include Coinbase, which secured its qualified custodian designation in October alongside firms Gemini and Paxos.
On the custody business, the firm has been aggressively recruiting top asset managers. They recently recruited Chris Tyrer from investment bank Barclays, and Former Coinbase exec Christine Sandler who joined as its Sales Head.
Some recent Custody solution news include:
New York has been positive towards crypto. Do read our below articles for further reference.
Source: The Block