According to Fidelity Digital Assets Chief Operating Officer (COO) Michael O’Reilly, the approval is a big deal in the move for increased cryptocurrency adoption, and will also help firms like Fidelity, enjoy a credible status with several organizations.
“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. 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. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve.”
Fidelity Digital Asset Services went live back in March this year. With this new approval, New York is going strong with confirming its position as a favorable location for digital asset activity.
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