Fidelity Investments is jumping into the emerging cryptocurrency arena with a new business to manage digital assets for hedge funds, family offices and trading firms.

The mutual fund giant will offer security and storage services, trade execution and customer service for digital assets, Fidelity said Monday in a statement. The firm is participating today in the Bloomberg Institutional Crypto conference in New York.

Fidelity is moving into crypto at a time when the value of Bitcoin has plunged in the past year and as other financial firms have shied away because of unclear regulations, fears of market manipulation or even the prospect that the assets could be used in money laundering.

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