Fidelity Digital Assets (FDAS) is now live with a select group of clients, according to its announcement on Twitter, which said, “We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.”
FDAS had said at the end of January that it was in the final stages of testing it platform and it has been developing its platform to meet institutional trading and custody standards, as well as regulatory requirements.
Fidelity Digital Assets head Tom Jessop told CNBC that whilst the company is now live, they are still working on a number of areas of the platform. He noted that while some users have been on the platform since January, others may have to wait until September, as it “really depends on the facts and circumstances of each client.”
He also discussed the effects of the bear market, saying that this had not had a negative effect on developing the FDAS service and he also commented that the institutional interest in cryptocurrencies has increased, despite the bear market conditions.
Fidelity, which is a giant in the financial services industry, has actively invested on new technologies that could benefit its evolving business model, reportedly spending $2.5 billion per year on new technologies like blockchain and artificial intelligence (AI).
Abigail Johnson, Fideility CEO, is a strong and vocal supporter of cryptocurrencies, and she made a statement at a conference in New York saying, “I’m a believer. I’m one of the few standing before you today from a large financial services company that has not given up on digital currencies.”