Asset manager Fidelity plans to open crypto exchange: report

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Fidelity investment, a multi-trillion dollar asset management company, is making plans to build a cryptocurrency exchange. According to a Business Insider report, the organization has already posted internal cryptocurrency-related job positions.

The Boston-basedfirm has advertised internally for a DevOps system engineer, who will be tasked with helping in the creation and deployment of a digital asset exchange to public and private cloud networks. The firm is also looking for first-in-class custodian services for cryptocurrencies like BTC.

Currently, clients with the firm can link their Coinbase accounts on their Fidelity portfolios, which enable them to access their cryptocurrency holding with the asset management company. Developing a cryptocurrency exchange will enable Fidelity to hold crypto assets directly.

It is unclear on whether the new platform will be based on Fidelity’s main platform and when the new product will be launched.

Fidelity spokesperson Jessica Macdonald told the news outlet that the firm wants to fully utilize the blockchain technology to provide better services to their clients. CEO Abigail Johnson is a big believer in the potential of Bitcoin and blockchain.

Fidelity Investment is among the first organizations to seriously work on cryptocurrency assets. It has ventured into various crypto-related businesses. It has also set up a small cryptocurrency mining operation and established a club for employees to learn more about digital assets and blockchain technology. They have gone to the extent of allowing employees to use BTC to buy food in its cafeterias. Additionally, the firm’s charity wing allows doctors to make cryptocurrency donation to help needy countries. In 2017, they managed to collect a total of $22 million.

Fidelity is the latest financial institution to announce plans for a crypto exchange. Recently, Japan-based financial giant SBI Holdings has launched its own cryptocurrency exchange, called VCTRADE. Currently, the exchange is only accessible to users who have been pre-registered with the platform.

Sygnia, a SouthAfrica-based asset management company, also announced its plan to launch its own cryptocurrency exchange last month. According  to reports, the company will create an exchange called Sygniacoin  by the end of 2018. Sygnia has already started working on the proposed project.