American investment firm Fidelity updated on 1 February about its expected cryptocurrency trading and custody platform, stating the endeavor has entered ‘final testing’ phase.
Fidelity Investments is an investment management company that was established as a mutual fund company. With time the company scaled up to support a host of financial services. They also engage in offering valuable investment advice.
The blog emphasized that the platform will serve institutional investors. Currently, the investment giant is honing in on specialized segregation of suitable clients to offer their solution. To quote an excerpt from their blog –
“We are currently serving a select set of eligible clients as we continue to build our initial solutions, We’ve established a robust set of technical and operational standards, at a level that institutions have come to expect from Fidelity.”
Fidelity captured the current sentiment in the industry stating that their vision is to look much beyond products. With the growing interest of institutional investors towards digital assets, there is a need for state-of-the-art capabilities in order to be effective.
FDAS highlighted the importance of its initial clients who are stakeholders of the final testing and process streamlining. These pilot initiatives will set the foundation to deliver the final platform to a broader audience of clients.
To reflect on the saying ‘great responsibilities require greater efforts’, FDAS praised the excellent efforts of their development team. With the overall lifecycle being ‘challenging and rewarding’, there had been intimate moments to take crucial decisions.
The blog clearly recorded the distinct effort required to support a blockchain-based trade. The risk, operations and compliance team worked hand-in-hand with auditors to refine the policies and procedures. This also entailed adapting to existing operational processes and to set new standards.
In October last year, Fidelity set up an ancillary called Fidelity Digital Asset Services (FDAS) to support the business of digital assets. Although there were discussions floating around about their offer to support a crypto trading platform, the confirmation came in recently.
The blog concluded with the insightful note about how institutions crave for a trusted platform in order to satisfy their needs to handle digital assets. FDAS vouched on its abilities to go above and beyond the existing standards with their solution. It also hopes to bring clarity to the hazy field of digital asset trading.
Fidelity is a well-reputed finance firm and their footprint in cryptocurrency space marks the beginning of a new chapter to the cashless motto. It may start off with institutional investors but time will definitely come when such services would reach the mainstream.