Multinational financial services giant, Fidelity Investments, has announced that it has successfully completed a proof-of-concept (PoC) test for its digital token, powered by Ethereum. According to the announcement, the token is focused at creating a rewards system for the company’s employees.
The creation is an ERC-1404 token and was jointly produced by Fidelity’s Center for Applied Technology (FCAT) – the firm’s research and development team – in conjunction with blockchain technology firm, TokenSoft. It was initially launched in June as a way to create incentives for Fidelity’s staff.
According to FCAT innovation manager Juri Bulovic, the token is a great way to not just create a rewards system for employees, but to also get them involved with crypto and blockchain technology:
“Our team was excited to test this new token with Fidelity’s club members. For employees, it’s a real use case for restricted tokens and gives them an opportunity to get hands-on experience with tokens, wallets, and other blockchain technology to understand how it works and how we might apply this in other areas.”
The TokenSoft Company focuses on creating products for companies who are looking to enter the crypto and blockchain world. The company also prides itself in making sure these products fulfill all security and compliance requirements as well.
The Boston-based company also recently received regulatory approval to offer Bitcoin custody services.
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