While the language, and the product still sounds a little cryptic, cryptocurrency and the blockchain technology that drives it took another step into the mainstream thanks to Fidelity Investments.

Fidelity Investments has launched a new company for its institutional clients that will trade and store digital assets such as bitcoin, the asset manager said on Monday, writes Anna Irerra for rueters.com. 

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Fidelity Digital Asset Services LLC will electronically buy and sell cryptocurrencies on behalf of hedge funds, family offices and other financial institutions, it said.

The company will initially offer its services for the two largest cryptocurrencies, bitcoin and ether, but plans to broaden its roster of assets next year, it said.

Fidelity’s new company could play an important role in helping the marketplace for the new asset class mature, as it draws more interest from traditional financial institutions.

In 2017 Fidelity started allowing its retail clients to see their holdings of bitcoin and other virtual currencies held on Coinbase on Fidelity’s website. It has also been testing bitcoin and its underlying technology blockchain internally.

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