Financial service giant Fidelity has revealed earlier today that its crypto trading and storage platform is in its final testing phase. This is according a Medium post by the financial company earlier today.
Fidelity’s crypto and custody platform almost ready
The company which has roughly 7.2 trillion USD in client assets revealed some news. It had registered some eligible clients as it continues to work on developing the Fidelity Digital Asset Services (FDAS). “We’ve established a robust set of technical and operational standards at a level that institutions have come to expect from Fidelity,” the post added.
Fidelity announced in October last year that it would launch a digital asset service. At the moment, the firm is working with auditors to expand its existing policies and procedures while setting new benchmarks for the crypto and blockchain-based finance.
The company is yet to give a formal timeframe for the launch. But, they also stated that their initial clients are crucial to the final testing and process refinement phase. This would enable them to provide financial services to a wider set of institutions.
Bloomberg had earlier reported that FDAS would go live in March. And, the recent updates by the company indicate that it would be active in the first quarter of the year. The custody component of the project has begun storing assets on behalf of the initial customers.
FDAS urged prospective clients to engage with them as they look to tend to their needs while considering jurisdictions, and factors. This also indicates that FDAS will be launched shortly. The custody and trading solutions are almost at the same stage of development. And, they would be launched around the same time. FDAS when launched, will initially support Bitcoin and Ethereum, with institutional grade custody and other services to be offered to customers.