Fidelity Investments Plans to Launch its Bitcoin Custody Service in March
By Luke Flowers - Crypto Investor
Fidelity Investments are set for a launch date in March for its Bitcoin custody service. The Boston-based multinational financial services company has plans to move forward into Bitcoin investment. The service hopes to help advise institutional investors on where to buy Bitcoin and to ease them into trading cryptocurrencies.
It was announced in October 2018 that Fidelity would have a range of crypto products designed for large investors that may want over-the-counter Bitcoin. The first product to be available will be Bitcoin storage – this was suggested by employees of three companies that are in talks with Fidelity over the last few weeks; although they have asked not to be named as the plans are still top secret. The next product is likely to be Ether custody.
“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” Fidelity commented on Tuesday 29th January. “Over the next several months, we will thoughtfully engage with and prioritise prospective clients based on needs, jurisdiction and other factors.”
As there is still a risk with digital currency being stolen, the practice of custody that is common in the financial market when dealing with stocks usually involves a third party. This helps reduce the security risk when crypto buying. There have been start-ups that have offered a safekeeping service, but Wall Street professionals would prefer to work with larger financial services companies.
Abigail Johnson, Fidelity’s Chief Executive Officer, has been an advocate of digital assets unlike most of her competitors. The company began to mine Bitcoins in 2015 and is one of the largest providers for retirement savings and mutual funds. As an established company it hopes to win over and influence customers to buy cryptocurrency and start trading.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards