The financial services company Fidelity Investments is in the final testing process of its crypto trading and custody platform. The information was released by the American platform in a blog post on January 31st. Alongside Bakkt, the company aims at offering services to cryptocurrency traditional investors and institutions.
Fidelity Investment’s Crypto Platform Enters Final Testing Process
The first announcement made by the company related to this platform was in October 2018. Since that moment, they have been working to build the technical and operational capabilities needed for securing, trading and supporting digital assets with the oversight required by institutions.
Although they are working on their initial solutions, they are currently serving a select set of eligible clients. As they explain, they were able o build a robust set of technical and operational standard that institutions expect from Fidelity.
The press release reads as follows:
“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.”
The firm is also discussing several issues with institutions. This would allow them to have a clear answer about what firms are currently searching for.
Custody services are used in the traditional financial world. Companies and investors use them to store their assets such as money, securities and commodities. This allows them to have a safe place where to store their investments.
However, the cryptocurrency world has been usually driven by different standards. Users are the owners of their own private keys. “You are your own bank,” is one of the most popular phrases related to digital currencies and Bitcoin (BTC). Now, as Wall Street and institutional investors are starting to pay closer attention to the crypto market, companies are starting to work on custody services for these investors.
Another company that is working on a similar project is the Intercontinental Exchange (ICE). The platform that the ICE is going to launch is called Bakkt and it will allow firms to store their digital assets, specifically Bitcoin, in a secure and regulatory-compliant way.
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