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Fidelity crypto platform in "final test"
The big cryptography industry was shocked in mid-October when Fidelity Investments, a Boston-based investment giant that has tens of thousands of clients and whose badets under management is equally impressive , announced the launch of a pro-Bitcoin cryptography platform. This platform, now known as Fidelity Digital Assets Services (FDAS), led by Tom Jessop, was launched as a way for Fidelity's 13,000 institutional clients to gain access to execution of high-end cryptocurrency transactions.
Jessop explained in an interview with Laura Shin, a crypto-cryptography journalist, that Fidelity's bitcoin ambitions began in 2014, when the company began looking for and even testing the flagship cryptocurrency. According to rumors, Fidelity has also set up a semi-mining farm, probably in order to better understand blockchain technology.
And finally, after years of experimentation, senior officials at the institution and its internal innovation teams decided that it would be beneficial to do something very much related to this industry – hence the creation of the FDAS. But until recently (yesterday, in fact), it was the silence of the radio at the end of Fidelity's lineage.
However, as reported yesterday by Ethereum World News, three of them, familiar with this case, told Bloomberg that FDAS was preparing to launch its conservation platform – the flagship product of the new venture – here march. A spokesman for Wall Street has failed to confirm or deny the rumors, saying it has "served a select group of eligible customers" in recent memory.
Fidelity on Thursday released a detailed statement in its entirety, clarifying the situation around its still rather nebulous cryptographic platform.
An update on our work. https://t.co/EkJ2pWJt2Y
– Fidelity Digital Assets (@DigitalAssets) January 31, 2019
In this statement, the company confirmed that it had continued to work hard during the heroic season of crypto, noting:
We continued to build the technical and operational capabilities needed to secure, trade and support digital badets with the rigorous oversight required by institutional investors.
Echoing the comments made by the company's spokespersons above, potentially indicating that Fidelity was already planning to issue a statement prior to Bloomberg's presentation, FDAS confirmed that it "currently serves a select group of eligible customers". and operational standards "recall those of the parent company.
The company then stressed the importance of its efforts, noting that the FDAS risk, operations and compliance teams were working tirelessly to create "new benchmarks for this aspect of blockchain cryptographic finance". The FDAS communiqué added that its conversations with pro-crypto institutions "underscore" the need for a trusted investment service provider such as Fidelity, which intends to offer trading and trading services. conservation in the coming months. It was clearly stated that FDAS had the intention of "disrupting the obscure nature of digital badet trading" with its platform.
And of course, what would be a pro-crypto ad without a bitcoin praise, since the company has recognized that, although BTC is not the first iteration of digital money, it recognizes the "transformational potential it has created. "
By doubling the rumor that ~ March is the scheduled date for the launch of FDAS, the company concluded its publication by writing:
Over the next few months, we will carefully contact and organize potential customers based on their needs, jurisdiction and other factors.
Maybe Wall Street's interest in Bitcoin will not falter
This recent confirmation that Fidelity still sees the need for an established platform in the cryptocurrency ecosystem comes after Blockchain and Coinbase, two US giants in this nascent market, allegedly forswearing their offers to investors. Wall Street talent to join their institutional investor teams. Blockchain's key strategies, a new generation touted as a way to bridge the institutional divide in the Bitcoin investment market, would have lost Wall Street veteran Jamie Selway. Jonathan Kellner, former managing director of brokerage giant Instinet, was banned from the Coinbase hiring pool.
The sudden shift in strategy of Coinbase and Blockchain, coupled with the delayed launch of Bakkt, has led cynics to claim that Wall Street's interest in cryptocurrencies is weakening. But that does not seem to be the case exactly. Take for example the Fidelity statement.
In addition, Binance, BitGo, Coinbase and many other companies continued to strengthen their OTC offerings, despite Wall Street's apparent non-interest in digital badets. Jessop himself addressed this theme in the above-mentioned Laura Shin interview, commenting with optimism:
"I think we're starting to see an acceleration … I do not know what phase we went into (innovator, early adopter, anticipated majority, etc.), but I think with some of these recent announcements – our announcement , the launch of Bakkt, Harvard, Stanford and MIT allotted to this badet clbad – we are now seen as a really interesting and transformative badet clbad … so we can expect more news in 2019, which raise the bar and contribute to the growth of [crypto and blockchain] market."
Title of the image with the kind permission of Bruno Van Der Kraan via Unsplash
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