The entry of institutions into the cryptocurrency sector has been an important point of discussion in the cryptosphere. This reason was the backbone of the hype created by the entry of Fidelity into the world of digital assets. In a recent interview during the DC Blockchain Summit, Tom Jessop, the head of Fidelity Digital Assets, stated that the organization had planned to get a foot in the crypto race for a long time.
He revealed that Fidelity had hired cryptographers and other officials earlier to ensure that they were always one step ahead in the crypto-race. Jessop stated that when he joined the company, many companies were getting ready to bring in digital assets at a time when the buzz around Bitcoin was booming. He said:
“One of the main areas of focus is to understand the current market infrastructure and to create a roadmap aimed to go further by integrating new technologies. The security around private keys is another aspect we consider and understand because we have been mining Bitcoin for some time. We had the DNA earlier, all we need to learn is how to transfer it.”
Tom Jessop also claimed that Fidelity had secure locations in multiple jurisdictions and multiple cold storages i.e. storages that have never touched a network in the ecosystem. According to Jessop, Fidelity wants to launch a state-of-the-art platform by the end of 2019. He also addressed the expectation that Fidelity would conduct a grand launch of the platform in Q1. Jessop added:
“We will also begin scaling of the platform but that is easier said than done. The company needs licenses and jurisdiction when earlier the interest was largely around cryptocurrencies and native hedge funds. Fidelity also commissioned a study to talk to many institutions about crypto-allocations with an aim to solve the issue of market volatility.”
In an earlier interview with CNBC, Jessop touched upon the lack of education in the space and said:
“They’ve approached us wanting to learn, which is an encouraging sign. That’s not to say that there’s a cohort of people that once they get educated will still have a negative view.”
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