The cryptocurrency division of financial holding Fidelity Investments has applied for a trust license from the New York State Financial Services Authority (NYDFS).
Thus, the corresponding license will allow Fidelity Digital Assets to provide custodial services to residents of New York. At the moment, such permission has already been issued by Coinbase, Gemini and Paxos.
Note that the Bakkt cryptocurrency platform from the Intercontinental Exchange Corporation (ICE) also intends to launch a custodial service for institutional clients and has already applied for a license in New York.
It is worth adding that a trust license gives companies much more opportunities than BitLicense, since it allows them to provide a wider range of financial services, including consulting. The process of reviewing and approving applications usually takes up to six months from NYDFS.
Recall that it is known that Fidelity Digital Assets will focus on custodial services, but the company is also testing its own trading platform, where only Bitcoin will be initially presented.