Fidelity which is a major American financial service provider confirmed that its cryptocurrency trading and custody arena has reached its final testing period. It would also commence its refinement process as stated in a Medium blog post on January 31. In the blog, it stated that the project is in “final testing and process refinement periods.”
As per reports, the firm is at present rendering its services to limited and selected customers. At the same time, it continues to develop the currency’s infrastructure.
The company quoted that their clients at this starting period are a valuable segment of the final testing as well as the refinement procedure. This would later qualify them to cater to the services of larger institutions which would require their assistance. It said, “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.”
Fidelity declared the creation of its crypto segment with the inauguration of a fresh company Fidelity Digital Asset Services in October last year. It then went on to say that the company thus formed would handle the digital assets as well as perform transaction amenities. It would restrict its aim at institutional investors namely hedge funds, family offices, and market mediators. It would not be open for retail traders at present.
In a recent declaration, Fidelity notified that its development division has been in touch with the auditors so as to make sure that all rules and regulations are being dealt with and “adapt existing operational processes” with the launched cryptocurrency platform.
Within the finance sector, it is very common to provide protection services. It provides investors with an option to store their assets with them. It could be money, securities and precious commodities like gold and diamond which could be misplaced or even stolen if stored outside. The services that take in charge of one’s assets differ from bank to bank, and the banks are restricted to utilize these assets for their own profit. Dominant companies, for example, JP Morgam, BNY Mellon, Northern Trust extend these custody services.
If reports are to be believed that circulated during the start of the week, anonymous sources have reported Bloomberg that the digital asset custodial service could commence by March this year.