Opinions

Update: Fidelity’s Crypto Trading & Custody Platform Enters ‘Final Testing’ Stages

The custody platform that has been the talk of the cryptotown is down to its final testing stages. With merely a month left to its set launch date in March, the American Investment Firm, Fidelity’s cryptocurerncy trading and custody platform is apparently in its “final testing and process refinement periods”, according to the Medium blog post published on Jan. 31.

As per the announcement, as of now, the firm’s services are limited to small, select group of clients as the platform’s infrastructure continues to be built.

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.

 Even in its initial report, the firm made it quite clear that its target audience were institutional investors like “hedge funds, family offices and market intermediaries; and that its services won’t be accessible to retail investors in the initial phase. 

We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors

Fidelity made the announcement of the development of its crypto platform back in October last year, with the launch of its new company, Fidelity Digital Asset Services.

In yesterday’s update, the firm also revealed that its team has been working closely with auditors in order to ensure things like regulatory compliance. They are also working to “adapt existing operational processes” to the new cryptocurrency-oriented platform.

Since custody services are quite common in the traditional financial space with the storage of assets like money, securities, and commodities like gold and diamonds; it will be interesting to see how it plays out with cryptos.

For further updates stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.