【dogs with double dewclaws】Fidelity Cryptocurrency Platform Enters ‘Final Testing’ Stages

American financial services giant Fidelity said that its cryptocurrency trading and custody platform is dogs with double dewclawsin the “final testing and process refinement periods” in a Medium

blog post

on Jan. 31.

Per the announcement, the firm is currently providing services to a small, select group of clients while it continues to build the platform’s infrastructure. The firm states:

“Our initial clients are an important part of our final testing and process refinement periods, which will eventually enable us to provide these services to a broader set of eligible institutions.”

Fidelity

announced

the development of a crypto platform with the the launch of a new company, Fidelity Digital Asset Services, in October 2018. Fidelity then stated that the new company will offer custody and trade execution services for digital assets, targeting institutional investors like “hedge funds, family offices and market intermediaries,” and will

not

for now be open to retail investors.

In today’s announcement, Fidelity notes that its development team has been working with auditors in order to ensure

regulatory

compliance and “adapt existing operational processes” to the new cryptocurrency-oriented platform.

Custody services are commonplace in the traditional finance sector, and offer investors a place to store assets like money,

securities

, and

commodities

like gold and diamonds so that they are not lost or stolen. Custody services differ from

banks

in that they are not allowed to use the stored assets for their own gain. Major firms like

JPMorgan

, BNY Mellon and Northern Trust offer custody services.

Earlier this week, unnamed sources

told

Bloomberg that the crypto custodial service could launch by March 2019.

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