In line with a recent web blog post by ‘Medium’, renowned American financial services company named ‘Fidelity’ aforesaid that its crypto commerce and custody platform is within the “final testing and process refinement periods.”
In line with the announcement, the firm is presently provides services to small, selected groups of purchasers while continuing to build the platform’s infrastructure. The firm added:
“Our initial purchasers are a vital part of our final testing and process refinement periods, that can eventually let us to offer these services to a broader set of eligible establishments.”
Fidelity declared the development of a crypto platform with the the launch of a new company named ‘Fidelity Digital Asset Services, earlier in Oct. last year. Fidelity then ‘added‘ that the new company would provide custody and trade execution services for digital assets, targeting ‘institutional investors‘ like “hedge funds, family offices and market intermediaries,” and will not for now be available to retail investors.
In its recent announcement, Fidelity added that its development team has been operating with auditors so as to confirm regulatory compliance and “adapt existing operational processes” to the new cryptocurrency-oriented platform.
Custody services are commonplace within the standard finance sector, and offer investors an area to store assets like cash, securities, and commodities like gold and diamonds in order that they’re not lost or stolen. Custody services dissent from banks as they’re not allowed to use the stored assets for their own profits. Major corporations like JPMorgan, BNY Mellon and Northern Trust also offer custody services.
Just earlier this week, anonymous sources told Bloomberg that the Fidelity crypto custodial service is expected to be launched by March this year.