Fidelity, one of the largest American investment firms, has announced to launch crypto trading platform. Fidelity Digital Assets Exchange is in the final testing stage nowadays. The firm had announced to build a cryptocurrency trading platform back in October 2018.
American Investors showed much excitement on this announcement because Fidelity is one of the largest financial services providers in the country. Now, the official sources confirm that the company is ready to launch a crypto trading platform.
This seems quite surprising because cryptocurrencies are in the red zone nowadays. Almost, all the crypto tokens are losing their values with every passing day. Bitcoin and Ripple, the two of the top five cryptocurrencies have once again touched their bottom values.
Fidelity Investment started its operations from Boston in 1945 as an investment management company. It started cryptocurrency mining in 2015. The company stepped in digital world through a small subsidiary Fidelity Digital Assets Services in 2018. The main objective of this digital trading platform is to facilitate the institutional investors.
Final testing phase of this trading platform is in process and the company has selected set of clients to go through the testing phase. In an official blog post, Fidelity Investment has clarified that it has established certain technical and operational standards that will meet the customers’ demands.
The blog post also throws light on the problems that the firm had to face during the development phase of this platform. It also pays homage to the untiring efforts of its development team. It is also clear from this blog post that their operations, compliance, and risk teams are still working on this platform. With the help of auditors, they are trying to reform and refine the policies and procedures.
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Here, it is important to mention that this trading platform will not facilitate all. Instead, the company has developed it to attract institutional investors. This is why people did not believe in establishment of this platform.
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We can say that cryptocurrency boom that started in the last week of December 2017 and continued till 4th January is the main reason behind this launch. During this period, almost all the cryptocurrencies had touched their all time high values. It was then that people began to think that Bitcoin will replace United States Dollar and revolutionize world finance.
Due to increasing prices of crypto tokens, Fidelity customers demanded for a trading platform to start investing in cryptocurrency. Therefore, establishment of its own digital asset platform became inevitable for the company.
Fidelity spokesperson says in a blog post that their conversation with institutional investors helped them to understand the clear demands of the customers. They wanted a trusted platform to engage in cryptocurrency.
The firm confirms that it is working with crypto regulators to make the exchange fully compliant with the regulations. The company has said nothing about which digital assets it will support. But, we can hope that it will offer support for major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin.
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