Fidelity, American financial services giant announces that their cryptocurrency trading and custody platform is in the “final testing and process refinement periods”.
As per the announcement by the company via a Medium blog post on Jan. 31, Fidelity is currently providing its crypto trading 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.”
In October 2018, Fidelity announced their plans of developing a crypto platform, with the launch of a new company, Fidelity Digital Asset Services. At the time, Fidelity 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,” noting that they will be open to retail investors.
As for their latest announcement, Fidelity noted that their development team has been closely working with auditors to ensure regulatory compliance and to “adapt existing operational processes” as per the new cryptocurrency-oriented platform.
According to unnamed sources, Fidelity’s crypto custodial service could launch by March 2019. As a matter of fact, the year seems to be the year where the traditional investors are opened up to a multitude of options for entering the crypto space. Nasadaq is well on its way to launch Bitcoin Futures By Q1 2019 and Bakkt is just waiting for approvals to launch their Bitcoin Futures as soon as possible.