Fidelity Opens A New Entity In London To Serve Digital Assets To European Institutional Investors

One of the leading global digital asset managers, Fidelity Investments, has announced its intentions to open a new entity that will be based in London targeting European digital assets institutional investors.

In a press statement on Tuesday, the company revealed that the new subsidiary will work under Fidelity Digital Asset Services (FDAS). The firm operates in New York after acquiring a charter as a limited liability trust firm. The new subsidiary was incorporated on Dec. 16, 2019 and will offer custodial as well as trading services to hedge funds and family investors as well as market intermediaries based in Europe.

The company has already settled for Chris Tyrer who will be the overall in-charge of the FDAS affairs in Europe. Tyrer comes with a vast experience having served as the head of Barclays Investment Bank previously where he was tasked to lead the bank’s digital prospects.

He has also previously worked as the overall global in-charge of Barclays commodities trading. In the current job, Tyrer is tasked to lead customer service activities in Europe. Tyrer became a member of Fidelity Digital Assets back in April and has been crucial for the firm’s attraction of new clients from London and other European cities.

Tom Jessop, the head of the firm explained that the firm has experienced increased interest as well as engagement from the institutional community and sees no slowing signs in the near future. He added that the firm has been highly encouraged by the entrance of conventional exchanges in to the virtual assets space. He also stated that there has been high interest of the firm’s services coming from UK and other European countries, which is a sign that the region holds a lot of growth potential.

FDAS was launched one year ago and has seen tremendous growth and just last month it acquired a trust license from NY authorities to provide Bitcoin custodial services for institutions in the region. The company announced that it will bring on board its first client before the end of this year.

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Author: Joseph Kibe

Fidelity Collaborates with TokenSoft to Use a ERC-1404 Token ‘BBT’ for Rewarding Employees

According to a recent report by Finance Magnates, Fidelity Investments is incentivizing employees with digital currencies. The company’s Center for Applied Technology (FCAT), which focuses on research and development, is collaborating with TokenSoft to bring the ERC-1404 token.

TokenSoft shared in a Medium post that before issuing the token, it integrated the BBT token contract into its Token Administration which can be used by financial institutions, such as fidelity.

Fidelity also plans to launch a crypto custodian service and trading platform, according to the Finance Magnates report. Further, Fidelity Digital Assets received a license from authorities in New York to offer digital asset trading services. The company stated,

“The ERC-1404 standard enables TokenSoft clients to place a digital representation of an asset onto the Ethereum blockchain with the confidence that their compliance requirements are being adhered to while preventing unauthorized transactions from occurring.”

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Author: Silvia A

Fidelity Vice President: Bitcoin Risks for Retail Investors Much Different Than Institutional Investors

In an interview with CNBC Squawk Box, Kathleen Murphy – the Fidelity Investment’s Personal Investing President, states – “We want to be very careful that investors don’t –who aren’t institutional investors don’t make a mistake with cryptocurrency.” The bitcoin market has acquired almost 90 percent of the retail-based, which has made the company anxious about its digital cash contribution.

For retail financial investors, bitcoin has proven to be far less secure than it is for institutional investors. Abigail Johnson – Fidelity’s CEO is a colossal enthusiast of cryptographic money, yet the organization is mindful of how it needs to offer its bitcoin and trading services to its shareholders.

All things considered, the firm wouldn’t like to provide trading services on a retail level. Kathleen affirmed that Fidelity is adopting digital currencies since they need to perceive it deeply. And keeping in mind that doing as such, they need to be creative and attentive about the digital cash space.

Big Companies Need Bigger Clients

The US Securities and Exchange Commission (SEC) gave an extensive view on why it wouldn’t like to support a bitcoin-based subordinate. It had dismissed the Bitcoin ETF application documented by Bitwise Asset Management and NYSE Arca. It has raised worries about bitcoin’s utilization in unlawful exercises, and on how a larger part of the bitcoin market is outside the US with no administrative oversight, which makes it powerless to value control, as per the securities regulators.

Direct digital money trading services will be provided to institutional investors according to the Boston firm. In such matters, Fidelity additionally launched a cold stockpiling custodianship administration, a managed computerized vault that would store digital forms of money to back on-and off-ramp performing the exchanges on its foundation.

Bitcoin has experienced a low in its institutional interest. Bitcoin has failed to meet expectations as a place of refuge resource against a string of poor macroeconomic impetuses, proving that shareholders are not taking a gander at the digital currency amid an emergency.

As of late, Bakkt saw its first block trade settle; still, their physically settled BTC fates items are encountering low volumes. Only 149 month to month contracts were processed by the ICE-sponsored on its first day, uncovering that investors are keener to concentrate on the result of the US-China exchange talks, Brexit, and other worldwide elements.

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Author: Sritanshu Sinha

Fidelity-Backed KNØX Launches Today With Full Insurance

KNØX, a crypto custody provider backed by Fidelity Investments, has been launched today. The company affirms that it can provide up to 100% insurance for its clients using a solution provided by Marsh. The co-founder of the company, Alex Daskalov, affirmed that the company can provide complete insurance to the assets of its customers, as reported by The Block Crypto.

The company, which is based in Canada, received over $6.2 million USD in investments recently from companies such as Fidelity Investments Canada, FJ Labs, iNovia, Ferst Capital and others. The seed round happened in June 2018 and the company has operated “silently” for around a year after that.

Now, the company has opened up its services for other people and asset managers, exchanges and liquidity providers can sign up on the platform to receive custody for their digital assets.

Marsh provides up to 100% insurance coverage of the assets, something that is pretty rare in the crypto industry. This is why, according to Daskalov, the company provides good custodial services that can take care of the assets and ensure their safety.

The CEO affirmed that full insurance is needed because partial insurance gives people the false impression that they are protected when they are not. For instance, if a company has insurance for $100 million USD and it has a total of $1 billion USD in assets, a customer with $100 million USD there is not 100% protected.

In fact, the customer is only 10% protected in case the company loses all of its money. This gives people a false sense of security, something that can backfire. KNØX wants to act differently and to really be able to really protect its customers.

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Author: Gabriel Machado

Fidelity Investments-backed Fireblock Adds 5 Crypto Exchanges; OKCoin, OKEx, Korbit, Bithub and HitBTC

Fidelity backed blockchain security solution, Fireblocks integrated five cryptocurrency exchanges to its network including OKEx, OKCoin, Korbit, Bithub, and HitBTC. The official announcement further confirmed over 20 exchanges were currently under the security solution following the expansion of Huobi Global API and Deribit.

A Blockchain Security Solution

Fireblock is a risk management platform that allows users to minimize the risk of deposit address spoofing and credential theft for deposit, withdrawal, and rebalance of assets between exchanges. Furthermore, the platform offers users a secure platform to transfer their digital assets across OTC, prop traders, market makers and wallets.

Since the cryptocurrency boom in 2017, cryptocurrency exchanges and funds have been subject to hacking attempts leading to a loss of $2 billion USD in crypto asset. Fireblock is developing simple and effective solution to ensure safer platforms as the sophistication of hacking gets better.

A Safer World for Institutional Investors

The crypto industry is welcoming the massive capital from institutional investors but before that, there should be a “stronger and more secure foundation […] to hold accountability over its clients’ funds” said Idan Ofrat, CTO and Co-Founder of Fireblocks. Commenting on the addition of the new exchanges, Idan said,

“We are continuously pushing the envelope to securely connect the institutional ecosystem, linking more and more venues, endpoints and market participants. We’re confident that as we grow our connectivity layer across each touch point, the industry as a whole will become more secure.”

Earlier in June, Fireblock raised over $16 million in a series A funding round led by Fidelity Investments. Tenaya Capital, Eight Roads, and Cyberstarts all collectively confirmed that they are investing the amount in Fireblocks to increase the safety of crypto transactions across exchanges.

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Author: Lujan Odera

Fidelity International Is Reported To Have Created a Crypto Brokers Game For Internal Use

Fidelity-International-Is-Reported-To-Have-Created-a-Crypto-Brokers-Game-For-Internal-Use

Fidelity International, a subsidiary of the Boston-based Fidelity Investments that is set in London, has been reported by Forbes to have created an in-house crypto brokerage game. The game is only being used informally by employees and it does not represent an upcoming product.

According to Forbes, the name of the game is The Fidelity Cryptoleague and its goal is the simulation of a trading game in which employees of the company can trade cryptos to see who fares better.

While not an actual product, this initiative certainly seems to be an indicator that there is interest in the crypto market stemming from the company. Because of this, some people could take this game as an indication that the possibility of the company creating crypto products soon is not null.

Obviously, it is not hard to find companies interested in the blockchain now. Most financial companies are, in one way or the other, interested in the blockchain technology and what it is able to do.

This new Cryptoleague game seems like a fun way for the employees to actually sort of participate in the market without having to actually commit to it. It is basically dipping their toes in the crypto ocean, it seems. 1,200 people from the staff of over 8,000 are currently playing the game.

Each player is said to start with $10,000 GBP of virtual money. They have to create their portfolios then and to decide the best way to create a killer portfolio.

A corporate communications associate director at the company called Craig Terrington was interviewed by Forbes. He affirmed that Fidelity International also sees a lot of importance in the blockchain world just as most people are doing now. To him, there are no solid plans for launching crypto products, but the personal interest in the crypto world is undeniable.

He affirmed that the Fidelity Cryptoleague is a simulation game in which people can have fun and learn more about trading crypto tokens. The major winners may even get real-life prizes, so they have an extra incentive to play as well as they can.

Anne Richards, the CEO of Fidelity, has also talked about the game. She affirmed that it was being used to teach people about the technology internally, which is something that is important because the blockchain technology has clearly become an important part of the financial system.

However, she also affirmed that no tangible product is being created using the technology or focusing on crypto trading at the moment. Taken that there is interest enough for this game to exist, we will probably not take a lot of time in order to see something involving this industry from Fidelity International.

Fidelity Investments Is Already Interested In Crypto

Fidelity Investments, the main branch of Fidelity, is considerably more interested in crypto. The company has plans to open up a product that will involve the technology and it has worked to create Fidelity Digital Assets, which is focused on this kind of asset.

It is also reported that Fidelity will be a part of the Libra Association. Libra is the stablecoin that is being created by Facebook and it is set to be one of the largest crypto offerings launched until today.

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Author: Gabriel Machado

Fidelity Digital Assets Readies to Onboard 10 More Trading and Blockchain Professionals

Fidelity-Digital-Assets-Is-Ready-To-Hire-10-More-Professionals

The crypto branch of Fidelity Investments, Fidelity Digital Assets, is ready to grow. The company has been reported to be wanting to hire 10 people to its team of blockchain pros. A new job posting indicates that these positions include leadership roles such as vice president, leading software engineer and director.

In case you are not so experienced, don’t give up now, as the company is also hiring software engineers, product designers and people for other technical positions.

It should be noted that the job posting for vice president, for instance, is not really new. It was originally posted back in May but reposted now. The more technical positions, however, are new job posts.

The Jobs

The most high-profile job is “leading solution architect”, which will basically have the rank of vice president and act as the Chief Technology Officer (CTO) of the company, a very important position. The person will need to create the design, architecture and do the maintenance of the new platform. The service has to be done, of course, following Fidelity’s parameters for security, which are high.

According to the job posting, the most ideal candidate for the role is someone who already has experience in developing for public blockchains (especially either BTC or ETH) and that has experience with private platforms as well.

The director of product management is set to be another senior officer. His job will be to create new crypto offerings as well as to work on maintaining the relationship between the company and its partners. Experience with institutional investors, custody and securities trading will be necessary. Another important experience is to have worked with the regulation before or to know it very well.

There is also the job of product designer, which is set to help in the creation of strategies for the business and usability of the platform, as well as design and research.

Developers can apply to be the software engineering lead of the new company. In order to do it, they need to be experts in these three platforms: Ethereum, Corda and Hyperledger Fabric. This is a management position, so the person will be overseeing other developers.

Someone less experienced can apply to be the new blockchain software engineer of the company. Experience working with both BTC and ETH is needed and this person will evaluate projects and determine the ones that will be used for the company, as well as to develop technology focused on the blockchain.

Finally, there are also jobs which are not necessarily directly related to the blockchain technology: associate analyst, senior analyst for trade support, senior software quality engineer, customer service representative and others.

Fidelity Digital Assets was launched this year and it seems that the company has seen plenty of growth so far, as the need to hire more people have presented itself to the company.

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Author: Gabriel Machado