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Fidelity Investments plans layoffs2017 – The Boston Globe
Fidelity Investments is creating an autonomous company dedicated exclusively to the provision of crypto-currencies to institutional investors.
The Boston-based limited liability company, Fidelity Digital Assets, will provide enterprise-class custody solutions, a cryptocurrency transaction execution platform, and institutional advisory services 24 hours a day, seven days a week. designed to align with Blockchain's ongoing trading cycle.
Fidelity Investments already provides financial services for $ 7.2 trillion in client assets and provides clearing, custody and investment services to 13,000 consulting firms and institutional brokers. But the fifth largest asset manager in the world has so far largely limited its exposure to cryptocurrency to some peripheral services and through donations via their charity Fidelity Charitable.
As Fidelity Digital Asset's first customers are now integrated and the general availability is expected to start in early 2019, the launch of the 100-employee subsidiary is the latest and perhaps the most important push for cryptocurrency by an investment manager. institutional assets.
"It's a recognition that there is institutional demand for these assets as a class," said Tom Jessop, founding director of Fidelity Digital Assets. Forbes. "Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space."
Fidelity Digital Assets, announced at an event at Bloomberg's New York headquarters, will offer three main services. The most elaborate seem to be the custody services of bitcoins, ether and other digital resources. In particular, the service being designed offers institutional investors a consistent means of securing their assets by placing them in a physical safe.
Safes "spread across multiple geographically dispersed locations" are so-called "cold storage" facilities, according to Jessop, which means not only that they consist of software-based security protections, but that They are physically separated from the Internet, making them harder to hack. .
Fidelity Digital Assets' other services will include transaction execution services using an internal crossover engine and a smart order router executing transactions using multiple third party cryptocurrency liquidity providers. It is important to note that these trading services are not a stock exchange, but the piping that directly connects Fidelity's customers to existing stock exchanges. To make it easier for institutions that are new to cryptocurrency, Fidelity Digital Assets will also offer a dedicated customer service team to help you with the integration process.
Abigail Johnson, President and CEO of Fidelity Investments, said the digital asset split was part of a broader plan to help investors of all types to "understand and use" a wide range of assets. Assets issued in a blockchain. "Our goal is to make digital assets, such as bitcoin, more accessible to investors," he said. Johnson,
Tom Jessop, former Fidelity Business Development Manager, will lead this activity. Although Jessop is certainly not a novice in the world of cryptocurrency and blockchain, he has only recently joined Fidelity, with the stated goal of advancing their digital asset offerings.
Jessop joined the asset management giant in January 2018 after a brief stint in the blockchain business startup chain, recently acquired by the for-profit subsidiary of the Stellar Development Foundation, which helps to oversee the development of stellar cryptocurrency.
Jessop was named president of Chain in April 2017, after 17 years at Goldman Sachs, and was expected to leverage his many Rolodex contacts to help bridge the gap between corporate and financial institutions and non-cryptocurrency applications. distributed ledger technology.
In Jessop's new role as president of Fidelity Digital Assets, he sees his job as creating a similar bridge between institutions and blockchain applications. However, in this case, he is mainly interested in cryptocurrency and, in the future, a wide range of assets issued on a blockchain.
"Our clients see it as a class of investable assets," Jessop said. "They do their research, they develop a thesis on why these tokens can have value in the future, which is attracting a lot of interest."
Fidelity's experiences with blockchain technology began in 2013 with the unobtrusive launch of its Blockchain incubator, part of Fidelity's Applied Technology Center, according to a statement. In 2015, Fidelity Charitable began accepting donations of bitcoins, and in February of this year, cryptocurrency was the type of donation from the fastest-growing, non-profit $ 69 million.
Last year, Fidelity began allowing its customers to view their accounts in cryptocurrency via integration with the stock exchange and depository company Coinbase, although at the time they could not not actually negotiate through the Fidelity user interface. The integration led to speculation that Fidelity was building its own cryptocurrency exchange.
Not surprisingly, in May of this year, Fidelity teamed up with the MIT Digital Currency Initiative to host the first Layer 2 research-focused summit and protocols under construction to help solve the problems. blockchain asset extensibility problems as they reach an ever-increasing number. market.
The timing of the launch is interesting for several reasons. First, the price of bitcoin has fallen 68% since its peak in 2017, reaching its current price of $ 6,391. Secondly, the fall in prices has given new ammunition to skeptics who have long doubted the scalability and use cases of bitcoin.
Nevertheless, Jessop claims that Fidelity considers cryptography assets to be more than just a reservoir of value, but represents an investment in future use cases that are under development, or perhaps not yet designed.
"Our long-term vision is really to see that many assets exist in this new medium," Jessop said. "And this new support will bring many benefits in terms of efficiency, access, automation, which is very stimulating for financial services."
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Fidelity Investments plans layoffs2017 – The Boston Globe
Fidelity Investments is creating an autonomous company dedicated exclusively to the provision of crypto-currencies to institutional investors.
The Boston-based limited liability company, Fidelity Digital Assets, will provide enterprise-class custody solutions, a cryptocurrency transaction execution platform, and institutional advisory services 24 hours a day, seven days a week. designed to align with Blockchain's ongoing trading cycle.
Fidelity Investments already provides financial services for $ 7.2 trillion in client assets and provides clearing, custody and investment services to 13,000 consulting firms and institutional brokers. But the fifth largest asset manager in the world has so far largely limited its exposure to cryptocurrency to some peripheral services and through donations via their charity Fidelity Charitable.
As Fidelity Digital Asset's first customers are now integrated and the general availability is expected to start in early 2019, the launch of the 100-employee subsidiary is the latest and perhaps the most important push for cryptocurrency by an investment manager. institutional assets.
"It's a recognition that there is institutional demand for these assets as a class," said Tom Jessop, founding director of Fidelity Digital Assets. Forbes. "Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space."
Fidelity Digital Assets, announced at an event at Bloomberg's New York headquarters, will offer three main services. The most elaborate seem to be the custody services of bitcoins, ether and other digital resources. In particular, the service being designed offers institutional investors a consistent means of securing their assets by placing them in a physical safe.
Safes "spread across multiple geographically dispersed locations" are so-called "cold storage" facilities, according to Jessop, which means not only that they consist of software-based security protections, but that They are physically separated from the Internet, making them harder to hack. .
Fidelity Digital Assets' other services will include transaction execution services using an internal crossover engine and a smart order router executing transactions using multiple third party cryptocurrency liquidity providers. It is important to note that these trading services are not a stock exchange, but the piping that directly connects Fidelity's customers to existing stock exchanges. To make it easier for institutions that are new to cryptocurrency, Fidelity Digital Assets will also offer a dedicated customer service team to help you with the integration process.
Abigail Johnson, President and CEO of Fidelity Investments, said the digital asset split was part of a broader plan to help investors of all types to "understand and use" a wide range of assets. Assets issued in a blockchain. "Our goal is to make digital assets, such as bitcoin, more accessible to investors," he said. Johnson,
Tom Jessop, former Fidelity Business Development Manager, will lead this activity. Although Jessop is certainly not a novice in the world of cryptocurrency and blockchain, he has only recently joined Fidelity, with the stated goal of advancing their digital asset offerings.
Jessop joined the asset management giant in January 2018 after a brief stint in the blockchain business startup chain, recently acquired by the for-profit subsidiary of the Stellar Development Foundation, which helps to oversee the development of stellar cryptocurrency.
Jessop was named president of Chain in April 2017, after 17 years at Goldman Sachs, and was expected to leverage his many Rolodex contacts to help bridge the gap between corporate and financial institutions and non-cryptocurrency applications. distributed ledger technology.
In Jessop's new role as president of Fidelity Digital Assets, he sees his job as creating a similar bridge between institutions and blockchain applications. However, in this case, he is mainly interested in cryptocurrency and, in the future, a wide range of assets issued on a blockchain.
"Our clients see it as a class of investable assets," Jessop said. "They do their research, they develop a thesis on why these tokens can have value in the future, which is attracting a lot of interest."
Fidelity's experiences with blockchain technology began in 2013 with the unobtrusive launch of its Blockchain incubator, part of Fidelity's Applied Technology Center, according to a statement. In 2015, Fidelity Charitable began accepting donations of bitcoins, and in February of this year, cryptocurrency was the type of donation from the fastest-growing, non-profit $ 69 million.
Last year, Fidelity began allowing its customers to view their accounts in cryptocurrency via integration with the stock exchange and depository company Coinbase, although at the time they could not not actually negotiate through the Fidelity user interface. The integration led to speculation that Fidelity was building its own cryptocurrency exchange.
Not surprisingly, in May of this year, Fidelity teamed up with the MIT Digital Currency Initiative to host the first Layer 2 research-focused summit and protocols under construction to help solve the problems. blockchain asset extensibility problems then market.
The timing of the launch is interesting for several reasons. First, the price of bitcoin has fallen 68% since its peak in 2017, reaching its current price of $ 6,391. Secondly, the fall in prices has given new ammunition to skeptics who have long doubted the scalability and use cases of bitcoin.
Nevertheless, Jessop claims that Fidelity considers cryptography assets to be more than just a reservoir of value, but represents an investment in future use cases that are under development, or perhaps not yet designed.
"Our long-term vision is really to see that many assets exist in this new medium," Jessop said. "And this new support will bring many benefits in terms of efficiency, access, automation, which is very stimulating for financial services."
