Fidelity Digital Assets, Cryptocurrency Trading & Custody Platform Enters ‘Final Testing’.
Fidelity Digital Assets (FDAS), a subsidiary of Fidelity Investments, the sixth largest asset manager in the world, securing $7.2Tn on behalf of its clients, has announced it has entered its final testing and ‘process refinement period’.
Since the initial announcement last October, FDAS has been serving a select number of clients to help test its systems and ensure proper standards expected from Fidelity are met and ‘exceeded’ before further expansion and eventual launch.
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.
The current focus for the team at FDAS is refining operating risk and compliance methods by actively working with auditors to ‘adapt existing operational processors’ to improve upon its policies and procedures. FDAS aims to set a new benchmark for ‘cryptographic and blockchain based finance’. The team also gave some insight into how they plan on setting these new benchmarks by providing their clients a central point of market access, ‘disrupting the obfuscated nature of trading digital assets’.
Our conversations with a variety of institutions have served to underscore their clear need for a trusted platform provider in order to engage with digital assets in a meaningful way. We are committed to exceeding the requirements and standards of existing solutions.
Reports had begun circulating that FDAS would be launching in March 2019 and while the update doesn’t confirm or deny this, it appears consistent with the more vague target FDAS set themselves of Q1 2019. Trading and custody are expected to launch around the same time period.