The Boston-based investment company, Fidelity, has just confirmed rumors about a new cryptocurrency trading platform and custodian service for institutional investors. The firm has also announced that the project is in the final testing phase.
In October 2018, the company set up FDAS (Fidelity Digital Asset Services) — a subsidiary dedicated to working with digital assets. The move inspired rumors and speculation about a new Fidelity-owned crypto trading platform, although the company did not confirm anything until today.
In their announcement, Fidelity stated that the platform would provide services for institutional investors who are used to high-quality service that the company has offered so far. Fidelity is also collaborating with auditors to set up appropriate procedures and policies.
The investment company previously entered the crypto space in 2015. The move was unusual at the time, as other financial giants did not share Fidelity’s optimistic views on the cryptocurrency industry. However, FDAS executive Tom Jessop believed that institutional investors had developed an interest in the new asset class. The problem was the lack of trusted platform providers, which is why Fidelity decided to enter the cryptocurrency market.
At the moment, Fidelity is working on perfecting their new platform, while also selecting several eligible clients who will be the first to test out their new services.