Financial services provider Fidelity, which has some $7.2 trillion in client assets under management, said Thursday that its anticipated crypto trading and custody platform is in its "final testing" phase.
At present, the company is working with auditors to polish its existing policies and procedures, as well as "to set new benchmarks for this aspect of cryptographic and blockchain-based finance."
Without giving a firm timeframe for a formal launch, the post noted that:
While the update did not explicitly confirm a Bloomberg report that FDAS was planning to launch publicly in March, it is consistent with the company's earlier statements that the platform would go live in the first quarter of this year.
The storage component is already custodying assets on behalf of its initial customers.
Further supporting optimism about a near-term launch, FDAS put out a call for prospective clients in its post, writing that "over the next several months, we will thoughtfully engage with and stage prospective clients based on their needs, jurisdiction and other factors."
The company's trading and custody solutions are at roughly the same stage of development and are expected to launch around the same time. At launch, FDAS will support bitcoin and ethereum with "institutional-grade custody," alongside other services.
Fidelity image via Ken Wolter / Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.