Fidelity Digital Assets, a division of the digital currency of the US financial giant Fidelity, is now working with a select group of customers, the firm announced March 8.
On Twitter, Fidelity Digital Assets wrote:
“We are working with a select group of clients and will continue to grow slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, donations, and other institutional investors. ”
Fidelity announced in late January that the platform is in the final stages of testing its new digital asset service. The company said that since its initial announcement in October 2018, it has been developing its platform to meet institutional standards for trade and storage, as well as regulatory requirements.
Also in January, anonymous sources said that the Fidelity Bitcoin (BTC) proposal would enter into force by March 2019.
Tom Jessop, head of Fidelity Digital Assets, said this week that the company is currently working on different parts of the platform. He noted that although some users have been on the platform since January, others can wait until September, because it “really depends on the circumstances of each client.”
Jessop also added that last year’s bear market had no effect on the development of the company, although he noted that “if you created a crypto-fund at the peak of the market, you’ve probably suffered now.”
According to Jessup, institutional interest in cryptocurrency continues to grow, despite the bear market. He said:
"In any case, they are as inspired as they were when prices were higher."
In a February announcement, Fidelity announced that it would continue to expand its customer base as the company grew.
Fidelity is actively investing in new technologies that can benefit its growing business model. The company spends 2.5 billion dollars a year on new technologies such as the blockchain and artificial intelligence.
