The latest crypto news show a lot of excitement around the American financial services firm Fidelity and its already-published announcement in October that they were building a Bitcoin/crypto trading and custody platform.
As of recently, the company announced that the Fidelity Digital Assets Exchange is almost ready to launch. Founded in 1945, Fidelity with this proved its quality as a mutual fund company that over the years became synonymous with providing a vast plethora of services such as wealth management, fund distribution and investment advice solutions.
The news about Fidelity’s digital assets solution was confirmed in a blog on Medium on January 31st, listing that the company is now in the ‘final testing and processes refinement periods’ for their new platform which is being launched by their new company, Fidelity Digital Assets.
Right now, the firm is working with a small handful of clients to initially help and build the platform as well as lay the foundation for a long-term plan to offer crypto solutions to institutional investors.
As an excerpt from the blog reads:
“It’s been a challenging and rewarding time here, from critical decisions on product direction, to the intensive work of our development teams. Our operations, risk, and compliance teams are actively working with auditors to refine our policies and procedures, adapt existing operational processes, and to set new benchmarks for this aspect of cryptographic and blockchain-based finance.”
Since Fidelity only focused on institutional financial markets, their exposure to the world of cryptocurrency was almost not existing up until last year.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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