One of the largest asset managers in the world is starting a Bitcoin custody service and it is being pitched at institutional investors, the report said.

Fidelity Investments, with $2.42 trillion of assets under management, has started a custody service to store Bitcoin, a key step for the controversial currency, Bloomberg reported, citing an unnamed source. The firm will buy and sell Bitcoin for institutional customers within a few weeks, the report said.

The Boston-based firm created Fidelity Digital Assets in October last year, and said that it would offer over-the-counter trade execution and order routing for Bitcoin early this year.

The report said that the move puts the firm a “step ahead of its top competitors that have mostly stayed on the sidelines so far”.

The report noted that Fidelity would, if the story is confirmed, join brokerages E*Trade Financial Corp. and Robinhood to offer crypto-currency trading to clients, though Fidelity is only targeting institutional customers and not retail investors like E*trade and Robinhood.

A patchwork of different regulatory regimes for Bitcoin and other crypto-currencies has meant that banks have still not jumped into the space in a major way. Although in Switzerland, for example, firms such as Vontobel and Falcon Private Bank have made moves. Falcon claims that it has obtained a first-mover position in blockchain banking by accepting direct transfers of selected crypto-currencies.

Jurisdictions such as Switzerland and Liechtenstein, as well as Singapore, the US, Canada and Australia, are striving to gain a lead as hubs for such organizations. Countries are torn between hoping for early-mover market advantages and not falling foul of worries about money laundering and other abuses. Bitcoin remains controversial, with some critics arguing it is and can be a conduit for illicit money.

“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman, Arlene Roberts, told Family Wealth Report when asked about the report. “We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”