Crypto Trading and Storage Platform in ‘Final Testing’ reveals Fidelity. Last Thursday, January 31st, Fidelity, which is a multinational financial services corporation based in Boston, Massachusetts, and manages $7.2 trillion of its customer assets, revealed that its foreseen crypto exchanging and custody platform is in its “last testing” stage.
The company initially disclosed that it would launch a digital asset service last October. The company in a blog stated this. While developing Fidelity Digital Asset Services (FDAS), it on-boarded “a select set of eligible clients”.
The organization is currently working with auditors in order “to set new benchmarks for this aspect of cryptographic and blockchain-based finance”. This is to clean up its current administrative processes and policies.
“Our underlying customers are an imperative piece of our last testing and process refinement periods. This, in the long run, empower us to give these administrations to a more extensive arrangement of qualified organizations.”
Crypto Trading and Storage Platform in ‘Final Testing’ reveals Fidelity. The company has made previous statements that the platform will be going live in the first quarter of this year. Which is consistent with Bloomberg’s report that the company’s intent was for FDAS to publically launch in March, even though this was not confirmed in the post.
The fact that FDAS invited customers in its post by stating: “over the next several months, we will thoughtfully engage with and stage prospective clients based on their needs, jurisdiction and other factors” supports the anticipation of a close release date
Simultaneously with other services, FDAS will support bitcoin and ethereum with “institutional-grade custody” at the time of launch. The organization’s trading and custody solutions will be launched around a similar timeframe. They are more or less at a similar phase of advancement as FDAS.