Fidelity International explores blockchain tech, inches closer to launching crypto trading desk: Report
Wed, 10 Jul 2019, 09:13 am UTC
Fidelity International was recently reported to be entering the blockchain and cryptocurrency sphere. The firm is said to be testing out a trading simulator where players can use fake digital currency to practice trading crypto coins, but that’s just the start. If it finally dives in headfirst into the crypto markets, this could lead to huge boosts for the value of the world’s leading digital currency.
In a recent report by Financial News, a source supposedly came forward with information on the matter of Fidelity’s intentions with regards to blockchain. The source said that “staff across various parts of the international business” are currently busy looking into the prospect to see how they can best capitalize on it.
Fidelity, which has already launched custody operations under "Fidelity Digital Assets," is also reportedly working on a trading desk, which is close to launching. If true, this could lead to a major shakeup of the crypto exchange market. This is on top of the crypto trading game that it is having its staff play around with.
Exclusive for in-house players only, the game supposedly starts by giving participants £10,000 in fake money to work with. From there, the players are instructed to create entire portfolios that are made entirely of cryptocurrency. Right now, there are supposedly 1,200 participants playing the game out of the 8,000 employees that Fidelity has.
Unlike the reported trading desk and Fidelity’s supposed interest in entering the crypto market, the trading simulator is no secret. It was actually unveiled last month, EthereumWorldNews reports, with Fidelity CEO Anne Richards explaining what it is about.
“We have a bitcoin trading game that we use internally, as a way of teaching people about distributed ledger technology and digital tokenisation, which ultimately will be an important part of the whole financial system going forward,” she said.
With the trading simulator combined with the potential for a Fidelity crypto exchange, bitcoin’s value could skyrocket.
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