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Fidelity Digital Asset Services, LLC (FDAS) has been granted a charter by New York’s Department of Financial Services (DFS) to operate a virtual currency custody and execution platform that will enable investors to trade and store Bitcoin.

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” said Michael O’Reilly, chief operating officer for FDAS.

“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 and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve,” he added.

“This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry,” said New York’s superintendent of financial services, Linda Lacewell.

DFS began licensing virtual currency businesses in 2015. So far, it has approved 23 charters or licences for virtual currency firms.

“As the financial capital of the world, New York must also continue to be the center of financial innovation. DFS will continue to provide regulatory oversight of new technologies to both foster innovation and protect consumers, companies, and markets,” Lacewell added.