Mike Novogratz speaking into microphone, Fidelity name and logo in the background

Novogratz's Galaxy Digital to Be Fidelity Investments' First Crypto Custody Client

Oct 18, 2018, 8:50AM
1 min, 20 sec READ

Fidelity's new cryptocurrency custody and trading platform secures its first client, Galaxy Digital, within 24 hours of going live.

Fidelity Digital Assets, the new cryptocurrency custody and trading platform developed by Fidelity Investments, announced its first client, Galaxy Digital. Galaxy Digital is a publically-traded crypto merchant bank listed on the Toronto-based TSX-V stock exchange. 

Fidelity Digital Assets 

Fidelity Investments recently announced plans to enter the cryptocurrency market with a standalone entity called Fidelity Digital Assets. This new firm will specialize in custody services, trading, and advising for institutional clients. The platform aims to leverage Fidelity's massive client base to make digitally-native assets more accessible to investors. So far, the plan seems to be working. 

News of the Galaxy Digital partnership broke on Wednesday, less than 24 hours after Fidelity's new platform was announced. 

Galaxy Digital

Galaxy Digital is a crypto merchant bank operated by Mike Novogratz, a billionaire investor who recently contributed $302 million towards helping the firm become a full-service player in its segment of the blockchain space. Galaxy Digital also aims to help bring institutional capital into the cryptocurrency market. It offers consulting services to high profile investors and the new partnership with Fidelity is expected to help both firms reach their goals.

According to Tom Jessop, the head of corporate business development at Fidelity Digital Assets, digital assets are gaining the attention of institutional investors,

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors, are starting to think seriously about this space.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.