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Good for bitcoin? Fidelity's crypto team has just entered Europe

Fidelity Digital Assets (FDAS), the Bitcoin-centric arm of investment firm Fidelity, has partnered with a London-based crypto asset manager to publicize Bitcoin to institutional investors in Europe.

Fidelity’s European boost

FDAS will act as a depositary for Bitcoin owned by Nickel Digital Asset Management, the two companies said. The partnership is designed to help address the lack of back-office services such as cryptocurrency custody from major financial service providers to bring coins more into the mainstream.

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FDAS was founded 2018 and offers financial companies and corporations the trading and custody of cryptocurrencies. Chris Tyrer, European director of FDAS, said the hurdles for institutional investors participating in the cryptocurrency markets – things like regulation, quality of service providers and volatility – are shrinking.

“We are seeing these three factors slowly dissolving, and as a result, we are seeing increasing interest from institutional investors,” he told Reuters.

Tyrer also said that harmonized regulation within the European Union would be beneficial for service providers. Fidelity's UK arm will initially only support Bitcoin, but is reportedly planning to expand its range of cryptocurrencies each year 2020. Last month the company hinted that it could offer support for Ethereum in the new year.

Good for Bitcoin & Co.

The company also secured a license from the New York Department of Financial Services (NYDFS) in November. The “Limited Purpose Trust Company Charter” allows her to launch a cryptocurrency custody and execution platform “where institutional investors and individuals can securely store, buy, sell, and transfer Bitcoin,” said the financial regulator.

Fidelity's new engagement in Europe speaks volumes for the fast-growing crypto markets. According to Binance’s CZ, these institutional advances are an optimistic sign for Bitcoin on the way into the year 2020:

“The industry will get bigger and if the industry gets bigger the price will get higher. We also see increasing interest from institutional players, which also points to a bullish market in the year 2020 ”.

Proof of text: newsbtc