Fidelity has opened a crypto division in …
Fidelity Opens Crypto Division In London To Serve European Clients
One of the world’s largest asset managers, Fidelity Investments, has opened a new UK division to sell cryptocurrency products to its European clients, writes Financial News.
Fidelity Digital Assets has been providing cryptocurrency storage and exchange services in the US since 2018. The British division was officially registered on December 16th. It will be able to serve local institutional clients, including hedge funds and family wealth management firms. The division does not currently have any local regulatory approvals to conduct its business..
Fidelity Digital Assets COO Michael O&’Reilly stated: “Of course we will make sure we are operating within the UK legal framework or any other required licenses, but at this time we understand that we do not need additional licensing to provide the relevant services in the UK.”.
While Fidelity clients are offered to work only with bitcoin, however, next year the company expects to expand the range of serviced assets..
Chris Tyrer, former managing director of investment bank Barclays, has been named head of Fidelity Digital Assets Europe. Behind the scenes, he has amassed a user base in London since joining Fidelity in April 2019. In his position at Barclays, he led a project to explore opportunities for the banking industry in relation to the spread of cryptocurrencies..
According to O&# 039; Reilly, Tyrer will be in charge of business development and customer service and may hire additional staff in case of increased demand for the company’s services. He also noted that London is a good place to open the European division of Fidelity Digital Assets, despite the threat of Brexit. “London has a strong fintech and cryptocurrency community. This is understandable from the interest and requests of customers, “he added.
In the future, Fidelity also intends to enter the Asian market with its cryptocurrency division..
Earlier, the head of Fidelity Digital Assets Tom Jessop said that in 2020 the firm will consider adding support for Ethereum..
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