Superintendent of Financial Services Linda Lacewell announced that the New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to Fidelity Digital Asset Services (FDAS).
This authorizes FDAS to provide a virtual currency custody and execution platform, on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin. FDAS is a subsidiary of the Fidelity financial services company, which had assets under administration of nearly $7.0 trillion as of December 2018.
“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” said Michael O’Reilly, COO for Fidelity Digital Assets, in a statement. “The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants.”
Including the charter granted to FDAS, to date DFS has approved 23 charters or licenses for companies engaged in virtual currency business activities.