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Cooperation with Nickel Digital Asset Management is the first partnership of Fidelity Digital Assets in the European market after it opened its London office in December 2019.
Fidelity Digital Assets, the cryptocurrency arm of financial giant Fidelity Investments, is making a foray in the European market. As per the latest development, Fidelity will offer custodial solutions for Bitcoin to European-based Nickel Digital Asset Management.
Currently, Nickel Asset Management has launched its another cryptocurrency offering. This is the Nickel Digital Gold Institutional Fund allowing institutional players to leverage opportunities in the crypto space.
Just last month, Fidelity Digital Assets opened its office in London to expand its custodial services to the European players. It looks like Nickel is taking advantage of it while dipping its toe in the crypto waters.
Increasing Institutional Participation in Crypto Space
This is certainly a welcoming development as it will draw more institutional players to the crypto market. Moreover, the partnership between two financial giants will also help to bring legitimacy to the crypto market. Nickel is Fidelity Digital Assets’ first European partner wherein the latter will offer “cold storage” solutions for long-term investments.
Speaking to The Block, Fidelity Digital Assets’ Europe head, Chris Tyler said:
“Having just entered the European market at the end of last year, we’ll continue to meet with investors who are currently investing in or planning to invest in digital assets. Our focus will be on developing our European client base and delivering operational and service excellence.”
Tyler has expressed optimism over his partnership with Nickel. He is confident that it will drive more institutional players in the market. Speaking on this matter, Tyler said:
“Since we entered this market, we’ve already seen a maturation of interest, which has progressed from the early adopters to more mainstream interests from the likes of family offices and endowments, for example.”
Fidelity Investments is one of the largest financial firms with nearly $2.5 trillion worth Assets Under Management (AUM). citing a huge opportunity in the cryptocurrency market, the company launched its crypto subsidiary in 2018.
Currently, Fidelity Digital Assets employs over 50,000 professionals with an annual revenue of $18.2 billion. The company is currently working on new developments in the crypto space. This includes developing sophisticated trading tools for institutional clients. It is also considering to add Ethereum-based financial products to its platform.