Fidelity, specifically Fidelity Digital Asset Services, has been in the development stage since last October of a new cryptocurrency platform that targets institutional clients. Now, Cointelegraph is reporting that it’s about to launch after going through final testing with a very select group of Fidelity clients. The Fidelity development team has been working on making sure regulators are satisfied with all the compliance and operational process’s of the the new crypto platform.
As has been reported, Fidelity Digital Asset Services will offer trade execution services AND custody (very important) for digital assets just like traditional assets such as commodities, stocks, money, etc. At launch only institutions (family offices, hedge funds, market intermediaries, etc) will be able to access Fidelity’s new crypto platform and services. Retail clients will have to wait, and probably for quite a while.
(Bill Taylor/Fintek Capital)
“American financial services giant Fidelity said that its cryptocurrency trading and custody platform is in the “final testing and process refinement periods” in a Medium blog post on Jan. 31.
Per the announcement, the firm is currently providing services to a small, select group of clients while it continues to build the platform’s infrastructure. The firm states:
“Our initial clients are an important part of our final testing and process refinement periods, which will eventually enable us to provide these services to a broader set of eligible institutions.”
Fidelity announced the development of a crypto platform with the the launch of a new company, Fidelity Digital Asset Services, in October 2018. Fidelity then stated that the new company will offer custody and trade execution services for digital assets, targeting institutional investors like “hedge funds, family offices and market intermediaries,” and will not for now be open to retail investors.
In today’s announcement, Fidelity notes that its development team has been working with auditors in order to ensure regulatory compliance and “adapt existing operational processes” to the new cryptocurrency-oriented platform…