Fidelity Investments has announced it is establishing a new entity to serve European institutions investing in digital assets.
Fidelity Digital Assets, Ltd. will offer access to enterprise-quality custody and trade execution services for digital assets to investors such as hedge funds, family offices and market intermediaries. This business builds upon the company’s 2018 launch of Fidelity Digital Asset Services, LLC, a New York state-chartered limited liability trust company that already provides these services to US-based institutional investors.
“Since launching Fidelity Digital Assets in the US over a year ago, we’ve seen significant interest and engagement by the institutional community, which show no signs of slowing,” says Tom Jessop, head of corporate business development for Fidelity Investments and president of Fidelity Digital Assets in the US. “We’re also encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem. These and other market indicators, alongside interest expressed from UK and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically.”
Fidelity Digital Assets in Europe will provide access to services that are considered foundational for institutions engaging with digital assets, and essential building blocks for advancing digital asset investing, the firms says, adding this includes institutional-grade custody of digital assets; trade execution and dedicated client service.
To support business development across the region, Fidelity has named Chris Tyrer as head of Fidelity Digital Assets in Europe. Prior to joining the firm, Tyrer served as a managing director at Barclays investment bank, leading its digital assets project, which examined the market opportunities for the firm. He has also served as global head of commodities trading for Barclays following a long career in traditional financial markets.
Tyrer will manage the European business and lead client service activity in the region. “The demand we’ve seen for Fidelity’s digital asset custody and trade execution services has been borderless, and we’re scaling our business to operate in a variety of jurisdictions to support this industry for the long-term,” he says. “In doing so, we’re building on the commitment to make digitally-native assets, such as bitcoin, more accessible to institutional investors.”