Fidelity may launch crypto exchange
Fidelity Investments, a firm that oversees $2.5 trillion in managed assets, is plotting the buildout of products that would push the market for Bitcoin to the next level.
Additionally, Fidelity is hiring to build a digital asset exchange, according to an internal job ad. The firm is looking for a DevOps system engineer “to help engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.”
The firm is also working on custody solutions for crypto, according to another job ad.
If Fidelity successfully launches these products, it would represent one of the biggest moves by a Wall Street firm into the market for digital assets.
It’s worth noting, Fidelity’s CEO, Abigail Johnson, is a proponent of Bitcoin.
If Fidelity does launch a crypto exchange offering, it would arguably be among the biggest moves by a large Wall Street firm into the nascent crypto market, which stands at about $350 billion.
Thailand trials central bank cryptocurrency
Bank of Thailand’s governor Veerathai Santiprabhob indicated in a recent speech that developing a wholesale central bank digital currency is currently in the pipeline as part of the country’s wider efforts in trialing blockchain technology in various sectors.
The project, named Inthanon, sharing the name of Thailand’s tallest mountain, seeks to create the bank’s own blockchain based cryptocurrency to make interbank transactions both faster and cheaper.
He said in the speech:
“These efforts should pave the way for faster and cheaper transaction and validation due to less intermediation needed compared to the current systems.”
Northern Trust files patent for storing meeting minutes on blockchain
Financial services firm Northern Trust won a patent for backing up records of meetings using blockchain tech.
The method utilizes a series of smart contracts to capture data related to the meeting, including records of who is attending (sourced from devices they might carry), when the meeting took place and where.
Northern Trust hones in on a very specific use case, event data, and it speaks to the firm’s wider trend of gathering operational data through a distributed system.
Coinbase makes progress to become regulated securities firm
Cryptocurrency exchange Coinbase announced Wednesday that it was making strides toward its goal of operating a federally regulated broker-dealer.
Chief operating officer and president Asiff Hirji wrote in a company blog post that the firm is in the process of acquiring a broker-dealer license. The company intends to seek approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to offer blockchain-based securities.
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