How Big Are Fidelity’s Bitcoin Ambitions?


Maybe this cryptocurrency stuff is being more serious, or it’s what looks like, according to article from Barrons.com, where they cite Fidelity Investments, a big and traditional financial company, may be developing more interest on cryptomarket. That’s because they are publishing job ads internally looking for financial engineers. Read it now:

Fidelity Investments, which manages $2.4 trillion in assets, is seeking new staff who can create goods for cryptocurrencies, a sign that it could get more severe about digital currency.

For any large conservative economic firm, Fidelity was early to recognize the potentially transformative influence of cryptocurrencies and blockchain technology normally. Chief Executive Abby Johnson has pushed the firm to experiment with cryptocurrencies, and she even spoke in the Consensus conference, the biggest annual gathering of crypto-fans within the planet, in 2017.

But Fidelity’s actual experiments in cryptocurrencies happen to be modest. Some Fidelity buyers can see their bitcoin balances in their accounts, but clients can’t purchase and sell digital coins on the platform. Fidelity has mined cryptocurrencies, and accepts bitcoin and ether for charitable contributions. Staff can buy meals with bitcoin at the Fidelity cafeteria in Boston, and join a Bits and Blocks club to attend internal lectures on blockchain tech.

And but, Fidelity has mainly been experimenting although other financial firms have already been diving in much more aggressively, from massive conventional exchanges that offer bitcoin futures to organizations including Square (SQ) and Robinhood that allow users to trade digital coins.

New job ads sent out internally indicate that Fidelity may have bigger ambitions. 1 ad, obtained by Organization Insider, appears for a systems engineer “to aid engineer, create, and deploy a Digital Asset Exchange to both a public and private cloud.” There are lots of companies that enable investors to exchange currency for digital coins, but none with the clout or reputation of Fidelity.

The other job ad says the firm desires a person to develop custodian solutions for bitcoin along with other digital currencies, Business Insider reported.

Discovering custodians to safe digital assets has verified to become really difficult, provided that the coins are vulnerable to hacking or getting lost. Numerous companies have been developing custody solutions; the U.S. exchange Coinbase has one particular offered to institutional investors.

A Fidelity spokeswoman wrote in an e mail to Barron’s that “It’s no secret that we’re actively exploring cryptocurrencies, like Bitcoin along with other digital assets in our Blockchain Incubator at Fidelity.”

Indeed, public job ads show that the firm is actively in search of engineers who can work on cryptocurrency merchandise. One particular calls for applicants who have an “adversarial mindset” and can be “just as good at breaking code as producing it.”

The spokeswoman didn’t straight address the exchange or custody products, but wrote the firm is committed to “exploration” in this region.

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