Investment giant gears up to launch crypto exchange

07 Jun, 2018
by Will Heasman
News
Investment giant gears up to launch crypto exchange

US-based financial services company: Fidelity Investments, are allegedly hiring in order to build a cryptocurrency exchange.

The firm looks after over $2.5 trillion in managed assets, and now it seems the company is looking to expand into the crypto world. According to a source, the company sent out job postings to employees seeking technically minded individuals. In particularly the job post asks for a DevOps system engineer “to help engineer, create and deploy a Digital Asset exchange to both a public and private cloud”.

According to the source speaking to Business Insider, the firm had been working on plans for the exchange for around a year. If the firm is successful it would mark one of the most significant moves into the cryptocurrency market made by any wall street firm.

CEO of Fidelity Abigail Johnson has been openly pro-crypto, announcing it during a meeting in May: “I’m a believer, I’m one of the few standing before you today from a large financial services company that has not given up on digital currencies.”

Currently, a select few clients are able to integrate their cryptocurrency portfolio alongside their Fidelity one. Enabling them to check on both their digital and fiat holdings.

Speaking to Business Insider on the matter, CEO of Blockchain platform ULegder, Josh Mciver said:

“When a firm like Fidelity commits significant resources to open a digital asset exchange, it reaffirms the growing demand for regulatory compliant conduits for crypto assets. The crypto space is quickly becoming more and more mainstream as the assets have proven to be more than just a fad. The advent of security token exchanges will be another big step in mainstream adoption of these revolutionary assets.”

Goldman Sachs is another wall street giant dipping their toes into the world of crypto with their announcement last month that they would be launching a Bitcoin futures trading desk.

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