The multinational financial services company, Fidelity Investments is currently undergoing the final testing process of its crypto trading and custody platform. This information was released by the American platform in a blog post published last week. As well as Bakkt, the firm looks to offer services to cryptocurrency traditional investors and organisations.
The company is based in Boston, Massachusetts and is one of the biggest asset managers with over $2.45 trillion in assets under management as of March last year.
The first announcement made by the firm in relation to the platform was in October 2018 and since then, they have been working tirelessly to build the technical and operational capabilities needed for securing, trading and supporting digital assets with the oversight required by organisations.
Even though they are working on their initial solutions, they are currently serving a select set of eligible clients. They go on to explain that they were able to build a strong set of technical and operational standards that firms can expect from Fidelity. In the press release posted last week, part of it states:
“It’s been a challenging and rewarding time here, from critical decisions on product direction, to the intensive work of our development teams. Our operations, risk, and compliance teams are actively working with auditors to refine our policies and procedures, adapt existing operational processes, and to set new benchmarks for this aspect of cryptographic and blockchain-based finance.”
Fidelity Investments is also in talks with numerous institutions in regards to issues. This would allow them to have a more transparent answer about what companies are looking for.
Custody services are used in the traditional financial world. Firms and investors use them to store their assets such as money, securities and commodities. This will allow them to have a safe place where to store their investments.
As reported by Use the Bitcoin, the crypto world has been driven by different standards. Users are the owners of their own private keys. One of the most popular phrases in relation to Bitcoin is “you are your own bank.”
With Wall Street and institutional investors starting to analyse the crypto space with a better eye for detail, companies are starting to work on custody services for these kinds of investments.
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