Fidelity Digital Asset Services has obtained a trust company charter from the New York Department of Financial Services (NYDFS), allowing the Fidelity Investments unit to custody bitcoin for institutional investors in the financial capital of the U.S.

FDAS joins 22 other companies that have been approved for a charter or license by the regulator to engage in virtual currency business activities, NYDFS said. 

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” Michael O’Reilly, Chief Operating Officer for Fidelity Digital Assets, said in a press release. “The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions” 

The news comes as Galaxy Digital Holdings announced that it was choosing Fidelity and Intercontinental Exchange’s Bakkt (which also has an NYDFS trust license) to store the bitcoin for its two new funds. A few months ago, Fidelity went on a hiring spree for experts in blockchain and trading.