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Crypto Rises as Fidelity to Launch Bitcoin Custody Service in March

·2-min read

Investing.com - Cryptocurrency prices were higher on Wednesday after news that investment giant Fidelity will launch its Bitcoin custody offering in March.

The plan could help ease worry over digital currency trading and could pave the way for more institutional investors to engage in the sector.

Bitcoin increased 1.67% to $3,457.20 as of 7:48 AM ET (12:48 GMT) on the Investing.com Index.

Fidelity's crypto service, which was announced in October 2018, aims to offer trade and custody services for digital assets, Bloomberg reported on Tuesday.

Custody services, which include the safekeeping of securities by a third party, could also help mitigate cybersecurity risks in a sector still dogged by theft.

Hacking of platforms is common, with New Zealand-based platform Cryptopia announcing a hacker stole $175,000 worth of Ethereum on Wednesday. About $16 million-worth of tokens was stolen from the exchange just two weeks ago.

Cryptocurrencies overall were higher with the total coin market capitalization at $114 billion at the time of writing, compared to $112 billion on Tuesday.

Ethereum rose 3.6% to $108.48 and Litecoin was at $31.54, up 2.18%, while XRP jumped 7.5% to $0.31144.

In other news, the Central Bank of Iran is considering opinions from experts before it finalizes crypto regulations. According to Al Jazeera, Iranian regulators recognize cryptocurrencies and licensed trading but do not allow the digital currency to be used as a payment method inside the country.

The country is also in talks with eight countries, including the United Kingdom, France, Russia and Germany, to carry out financial transactions in digital coins.

Iran has been looking at ways to use alternative currencies as a way to circumvent U.S. sanctions against the country.

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