November 19, 2019 Fidelity has been granted a trust license from New York Department of Financial Services.

The license allows Fidelity, which currently has over $2 trillion in assets under management, to begin acting as a custodian and execution platform for cryptoassets. The platforms will be marketed to both institutional and retail investors. Notably, the license granted to Fidelity is not a BitLicense, but rather one that grants the company the right to conduct an even broader range of digital asset services.