Investment giant Fidelity has expanded its cryptocurrency-focused business, Fidelity Digital Assets, to Europe. According to Financial News, it has appointed Chris Tyrer, a former managing director at the investment bank Barclays, to head the overseas business.

To do so, Fidelity has created a UK entity to run the business—despite the possiblity of a no-deal Brexit happening in the near term.

Fidelity, which has 13,000 clients and $7.2 trillion under administration, launched its cryptocurrency arm in October last year. Fidelity Digital Assets offers enterprise-grade custody services for cryptocurrencies. It currently only supports bitcoin, but plans to expand to other cryptocurrencies, starting with Ethereum in 2020.

On the news, Anthony Pompliano, co-founder at Morgan Creek Digital tweeted, "This is a global game. Even the large Wall Street players realize that. "

 

Fidelity has also made other moves in the crypto space. In July, it invested in New York-based startup Fireblocks, a platform for keeping cryptocurrencies secure when they’re moved among exchanges, over-the-counter trading desks, brokerages, and in-house transactions between exchanges’ own wallets.

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Fidelity's latest move to increase its crypto coverage comes despite the price of bitcoin dropping even lower this year. What does it know that we don't?