Fidelity Investments Inc, a well known multinational financial services corporation based in Boston, USA has confirmed its getting products linked to Blockchain and Cryptocurrency ready. Fidelity Investments is the fourth largest asset manager with $2.4 trillion in assets under management as of December 2017 which makes the move into blockchain and Cryptocurrency much needed for an institutional breakthrough.
The news broke out while CEO of Fidelity Abigail Johnson spoke at Boston Fintech Week Conference.
We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.
Johnson gave confidence to Blockchain and Cryptocurrency enthusiasts around the world by specifying the interest of studies taken in the technology. She explained-
What we started with was building a long list of use cases for either Bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense.
Fidelity had already seen the rise in interest in cryptocurrency when the Fidelity Charitable raised $6 million through crypto donations. Along with this, the cryptocurrency mining operation by Fidelity proved to be a profitable venture.
Fidelity is on the way to further developments with investments in technologies such as machine learning and data analytics for personalised services for customers. Fidelity is also working on cloud processing for transactions and a virtual financial assistant called Cora which will use virtual reality technology with the help of Amazon.