Other notable organizations who have also applied for New York Trust License include ICE’s pending crypto platform, Bakkt, which wants to be a qualified custodian to store the bitcoin underpinning its futures contract. Social media giant Facebook also applied with the NYDFS to acquire a cryptocurrency business license to operate its planned stablecoin Libra in New York.
Current major competitors of Fidelity in custody service include Coinbase, which secured its qualified custodian designation in October alongside firms Gemini and Paxos.
On the custody business, the firm has been aggressively recruiting top asset managers. They recently recruited Chris Tyrer from investment bank Barclays, and Former COINBASE exec Christine Sandler who joined as its Sales Head.
Some recent Custody solution news include:
Coinbase Looking to Acquire Crypto Custody Provider Xapo
Crypto.com Joins Forces with LEDGER to Provide Institutional-Grade Custody Solution
New York has been positive towards crypto. Do read our below articles for further reference.
New York City Looking To Be a Leader in the Blockchain Industry
New York Stock Exchange Owner Launches a Crypto Trading Platform
New York is Creating a Cryptocurrency Task Force
Source: The Block
