US-based financial services corporation Fidelity Investments will soon launch crypto trading and custody services for institutional investors in Europe. To manage its new business and lead client services in Europe, Fidelity Investments has appointed Chris Tyrer as head of Fidelity Digital Assets in Europe. Tyrer, former Managing Director at Barclays Investment Bank, has vast experience as the former head of its digital assets project.
Initially, Fidelity Digital Assets, the cryptocurrency arm of Boston-based Fidelity Investments, will offer support for Bitcoin investors. But it is expected that in the next phase starting later next year, it will support investment in other cryptocurrencies.
Fidelity’s entry into Europe will give the fund manager a platform from which to sell digital asset services to European businesses, including hedge funds and family offices. The company’s expansion to Europe will allow investors access to services that include custody of digital assets, trade execution, and improved client service.
According to the company, since its launch in the US last year, there has been a significant rise
in interest and engagement among institutional investors for its crypto trading and custody services. The company’s decision to expand its services to Europe is based on the fact that the demand for its services shows no sign of slowing down.
According to Tom Jessop, head of Corporate Business Development for Fidelity Investments and president of Fidelity Digital Assets, the company’s foray into Europe is encouraged by the
continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem. The company’s decision to expand to Europe was also based on the interest expressed by UK and European client prospects which indicates the increasing market potential for crypto trading and custody services.