Fidelity can now launch a cryptocurrency exchange in New York


Fidelity Digital Assets has just been granted permission to operate its platform for the sale, purchase and custody of cryptocurrencies joining the short list of the 23 crypto-related companies offering services to New York State residents.
Fidelity Digital Assets managed to receive the necessary authorization from the ‘infamous’ New York Department of Financial Services, an important factor allowing the company the right to “operate a limited liability management company in the growing cryptocurrency market within the State”.
The service offered by Fidelity Digital Assets includes the purchase, sale and custody of digital assets and the offer is open at the moment only to institutional investors that are looking to enter the crypto game with substantial sums of money.
Fidelity Digital Assets reps informed the public that the custody and transaction execution services provided are critical for the adoption of digital assets by institutional investors.
Fidelity Digital Assets works as a New York Trust company under the supervision and review of the government legal agencies and places an important focus on offering a credible relationship with institutions and other market participants.
The company continues to play a major role in supporting the growth and development of the entire blockchain ecosystem as bringing institutions to the table can only work to enhance overall trust in the crypto sector.
Although the company did not yet secure the famous BitLicense, the holy grail for all crypto companies wishing to operate in the state of New York, this authorization is much broader and allows it for example to carry out financial advice to the institutional players that knock on their doors.
The competition becomes incredibly tough for Fidelity as Bakkt, operated by the Intercontinental Exchange, has also obtained authorization for its storage service dedicated to institutional investors.
As in all major businesses, the competition is always healthy for the overall industry and the final users, from average people to major institutions, benefit from the best crypto-related products and services.
And this is always good for Bitcoin.

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