The UK business of Fidelity Digital Assets, the crypto custody business of US-headquartered Fidelity Investments, posted an almost 60% drop in revenue last year, as losses widened across the business to more than £7m.

According to accounts filed with Companies House, the unit generated revenue of £545,000 in the 12 months to the end of December 2023, down from £1.34m for the previous year.