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Fidelity Crypto Intelligence

Fidelity is an asset management firm founded in 1946 that recently announced a cryptoasset custody product.

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By Diana (Editor)

Published October 16, 2018


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Fidelity is an asset management firm founded in 1946 that recently announced a cryptoasset custody product.

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Fidelity: About the Platform

Fidelity is a financial services giant with over 10 thousand employees. In October 2018 they announced the launch of a separate entity, Fidelity Digital Asset Services, which will focus on cryptocurrency custody and trade execution for institutional investors.

The Cryptoasset Custody Solution

Fidelity announced a business-grade offline cold storage solution for cryptoassets. The solution will leverage security methods created for other areas of Fidelity’s business as well as physical segregation and controls.

The solution will be available for BTC, ETH and several other assets that remain unspecified.

The Trade Execution Solution

Besides digital asset custody, the new Fidelity service will provide an efficient way to trade cryptocurrencies.

It will use an existing Fidelity product that effectively works as a router, selecting the best price available from a set of participating exchanges.

This execution engine will probably be used for arbitrage among participating cryptoasset market, making additional revenue.

It is not known which crypto trading platforms will be working with Fidelity but it is expected Fidelity will impose strict requirements with regards to regulatory compliance.

Fidelity: Token Promotion & Results

Neither Fidelity nor Fidelity Digital Asset Services is a company with tokenized assets.

Fidelity is not new to the crypto trading business, though: It is not widely known but Fidelity started bitcoin mining in 2015 on a location in the US.

Fidelity also has a business deal with Coinbase - Fidelity customers are able to check their Coinbase cryptocurrency balances through the Fidelity app.

Online Presence

The official Twitter @fidelity publishes mainly marketing communications targeting aspiring traders and investors. It has gained over 230k followers as of October 2018 with substantial spikes around the October announcement of crypto custody solution.

fidelity-twitter

The Business Intelligence for Fidelity

Fidelity Investments provides fund distribution and investment advice services, wealth management, securities execution and clearance as well as a number of other services.

Among projects Fidelity invested in are well-known names such as Reddit, MongoDB, New Relic, Group or Spotify.

Among the blockchain technology investments Fidelity made in 2018 is Everledger, the immutable ledger for diamond ownership and related transaction history verification.

Fidelity is based in Boston, MA.

Investing in Fidelity

The new Fidelity venture Fidelity Digital Asset Services started onboarding first clients right after its launch in October 2018.

Services are to be generally available early in 2019, according to CNBC.

Filed under: Institutional Trading

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About the Author
By Diana (Editor)

BIO: I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway. Editor at @BOC__Official. ·

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