Fidelity Investments is reportedly involved in projects revolving around cryptocurrency and blockchain. The company’s CEO Abigail Johnson in an interview with CNN has confirmed the report that the company is working on a number of cryptocurrency and blockchain-related products and offerings.
The statement was released at the Boston Fintech Week conference; Johnson, however, declined to elaborate the projects. The company enjoys a reputation of being one of the largest crypto-positive financial services providers among investors. Therefore, the investors are more likely to keep a close eye on the project that Fidelity is alleged to be working on.
Although Johnson did not disclose the details, he said that the products are likely to be out by the end of 2018. He further said that the most eyed announcement by the company regarding the products would prove to be good news for the entire crypto market. The products once launched will attract more of the investments that the market is craving for as of now, added Johnson. The current capitalization of the crypto market is believed to be somewhere less than $300 billion, which is actually sad news for all those who are involved in keeping the cryptocurrency up and running.
Fidelity has shown its interest in the crypto market before as well. The company has supposedly employed a fund manager to look after a new kind of cryptocurrency fund; however, the company has not confirmed the hiring yet. In 2015, the company launched Fidelity Charitable, which was able to gather funding of around $6 million in the form of crypto donations in the first half of 2017.
The company is involved in the cryptocurrency and blockchain, however, it has not yet confirmed of working on any project, A yet another report by .xconomy, Johnson has confirmed of the company on working on something special for the crypto market, but restrained from detailing the project. But, again she confirmed the company’s intention to make an announcement in this regard by the end of 2018.
Fidelity and other large investment companies are working towards making it easier for consumers to use cryptocurrency for their transactions. The crypto industry as of now is baffling; and has not yet gathered the confidence of businesses and financial institutes as it is supposed to. It will take some time for the investors and financial institutions to start using the cryptocurrency for a business transaction.
In regard to the blockchain project, Johnson confirmed of the company investing in the technology. Johnson said the company is investing primarily in artificial learning as well as data analytics for personalized services. Besides, the company is also reported as investing in cloud-based services such as transaction through cloud-based platforms and more. A virtual financial assistant dubbed Cora is also believed to be one of the projects that the company is said to be investing in it. The company, in short, is making all efforts count towards the latest technology that could reap more of the investment in the future. Crypto market and the blockchain technology are the most emerging segments in the industry.