Fidelity Investments, one of the biggest providers of 401(k) services and retirement products to Americans, is planning to build a digital asset exchange, the info was leaked through a job ad looking for a DevOps system engineer “to help engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.”
Other established financial institutions, such as Goldman Sachs, the New York Stock Exchange, and Nasdaq have made attempts to move into the nascent crypto market. However, if Fidelity is successful in launching a digital asset exchange, it would be perhaps the largest move by a distinguished Wall Street firm to date and could help further legitimize the growing crypto market.
Last year around this time, Fidelity announced an integration with Coinbase, in a partnership that allows Fidelity customers to view their bitcoin holdings within their Fidelity account. Coinbase announced today it is still on the path to be able to list security tokens. Could the two companies be in partnership with the exchange? Last month Coinbase acquired decentralized token trading protocol Paradex.
See below thoughts on the news from a crypto CEO:
[perfectpullquote align=”full” bordertop=”false” cite=”Josh McIver, CEO of ULedger” link=”https://www.uledger.co” color=”” class=”” size=””]“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.”[/perfectpullquote]