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Fidelity tests cryptocurrency platform with select set of clients

Fri, 01 Feb 2019, 07:33 am UTC

Financial services giant Fidelity has provided an update on the ongoing work geared towards the launch of its cryptocurrency trading and custody platform.

In October 2018, Fidelity announcedFidelity Digital Assets,” the new company will offer enterprise-quality custody and trade execution services for cryptocurrencies to sophisticated institutional investors.

In an online post dated January 31, Fidelity said that it has established a robust set of technical and operational standards and is serving a select set of eligible clients. It added:

“Our initial clients are an important part of our final testing and process refinement periods, which will eventually enable us to provide these services to a broader set of eligible institutions.”

Furthermore, the company said that its operations, risk, and compliance teams are actively working with auditors to refine policies and procedures, adapt existing operational processes, and to establish new benchmarks focused on cryptocurrencies.

“Over the next several months, we will thoughtfully engage with and stage prospective clients based on their needs, jurisdiction, and other factors,” it added.

Although Fidelity did not reveal the timeline for the full launch, sources familiar with the matter recently told Bloomberg that the company is aiming for a March launch date for its crypto custody service.

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