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US financial services giant Fidelity said its cryptocurrency trading and preservation platform is in the process of "final testing and refinement of processes" in a Medium blog article on Jan. 31.
According to the announcement, the firm currently provides services to a small group of selected clients while continuing to develop the platform infrastructure. The firm states:
"Our initial customers are an important part of our last phases of testing and refining processes, which will ultimately enable us to deliver these services to a broader set of eligible institutions."
Fidelity announced the development of a cryptographic platform with the launch of a new company, Fidelity Digital Asset Services, in October 2018. Fidelity then announced that the new company would offer conservation services and services. 39; execution of transactions for digital badets, intended for institutional investors such as funds, family offices and market intermediaries ", and will not be open to small investors for the time being.
In today's announcement, Fidelity announced that its development team was working with auditors to ensure regulatory compliance and adapt existing business processes to the new cryptocurrency platform.
Guard services are common in the traditional financial sector and offer investors a place to store badets such as money, securities and commodities such as gold and diamonds so that they can be neither lost nor stolen. Guard services differ from banks in that they are not allowed to use the stored badets for their own profit. Large companies such as JPMorgan, BNY Mellon and Northern Trust offer custodial services.
Earlier this week, unnamed sources told Bloomberg that the cryptographic custodial service could be launched by March 2019.
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