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Fidelity Announces Institutional Crypto Platform is in ‘Final Testing’

Fidelity Announces Institutional Crypto Platform is in ‘Final Testing’

Finance

Fidelity has published an update announcing that its highly anticipated cryptocurrency exchange and custody platform, Fidelity Digital Asset Services (FDAS), has entered its “final testing” phase. The financial services provider also stated that it is exclusively serving a “select set of eligible clients” while developing the platform.

Also Read: Properties Are Still Being Sold for Cryptocurrency Despite the Bear Market

Fidelity Highlights Institutional Focus for FDAS

The company has emphasized its institutional focus, stating that Fidelity’s “initial clients are an important part” of the “final testing and process refinement periods,” that will enable the company to “provide these services to a broader set of eligible institutions.”

Fidelity added that its discussions with “a variety of institutions” had underscored the perceived demand for “a trusted platform provider to engage with digital assets in a meaningful way.”

Fidelity Announces Institutional Crypto Platform is in 'Final Testing'

The company also stated that its risk and compliance teams are “actively” working with auditors to tighten policies and operational processes, adding that it hopes to “set new benchmarks for this aspect of cryptographic … finance.”

Fidelity described the development process for the platform as comprising both a “challenging and rewarding time.”

No Date for FDAS Launch Despite Rumors of March Target

While Fidelity has not revealed a firm date for the launch of FDAS, much of the cryptocurrency community is anticipating the platform may launch sometime around March.

Fidelity Announces Institutional Crypto Platform is in 'Final Testing'

On. Jan. 29, Bloomberg reported that the company was targeting March as a launch date for its custody service, citing “three people with knowledge of the matter.” At the end of 2018, Tom Jessop, the founding head of Fidelity Digital Assets, stated that the company was then hoping to launch FDAS during the first quarter of 2019.

Do you think that Fidelity will launch its cryptocurrency platform before or after the second quarter begins? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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