Fidelity Investments can open a cryptocurrency exchange

It is reported that Fidelity Investments is taking steps to offer his own variation on the theme of cryptocurrency exchanges. The official announcement is not made, but crypto-currency enthusiasts believe that some of the details suggests that such an undertaking is included in the immediate plans of the firm. The company has many years of experience in the field of asset management, and given the fact that more whales begin to enter the industry, the rumors look very promising.

In the corporate world, when companies are hesitant to deploy a particular project, or launch a new product, they often allow information about their plans to get into the hands of the press, and watch the reaction of the industry. Perhaps that’s what made Fidelity Investments. In the paid version, Business Insider published an article that the company plans to join the industry of cryptocurrency exchanges.

Reporter Frank Chaparro (Frank Chaparro) has published internal documents of Fidelity, indicating that the giant financial institution is in search of an employee to the newly created position of engineer development. In the new position, the specialist will «develop, create and deploy exchange digital assets for both public and private cloud». There are also rumors that the firm was considering the plan from the beginning. The documents also mention professionals who will be responsible for providing a «first of its kind service, trusted storage of bitcoin and other digital currencies».

Fidelity President Abigail Johnson (Abigail Johnson) last year assumed the position and took over 45 000 employees. In one of her first public appearances she openly praised bitcoin. She also stated that the Corporation’s Fidelity Labs, a research which is devoted to the study of technology and working with universities, e.g., MIT’s Digital Currency Initiative.

«The technology of the blockchain is not just a more efficient way of settlement of securities. It will radically change market structure and perhaps even the architecture of the Internet itself,» said Johnson. «I believe in this technology. It is no coincidence that our company remains one of the few large companies that continue to support cryptocurrency».

Currently, Fidelity has an agreement
with Coinbase, which provides a link between the accounts of their customers. However, if Fidelity creates the exchange, it will be a direct competitor to Coinbase. Moreover, such step can be regarded as a signal to the wider community of investment companies that cryptocurrencies will soon become part of the speculative economy.

On many levels the cryptocurrency industry sought ways for the promotion and wider dissemination of digital assets. This process is significantly faster if the Fidelity will create their own exchange. It remains unclear whether the true these rumors, however, the recent statement of the official representative of the Fidelity, which says:

«It’s no secret that we are actively exploring cryptocurrencies, including bitcoin and other digital assets in our Blockchain Incubator at Fidelity. We see the future of financial services, which are based on open and controlled registries and technologies such as digital assets and currency blackany. We are trying to understand what they can mean for Fidelity. We are recruiting new staff to research these areas, but we are about to formally declare».

 

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