Fidelity Digital Assets (FDAS) is attracting more than 20 developers to expand cryptocurrency services due to the increased interest of institutional investors.
Peter Farland, Technical director of Fidelity Digital Assets, said that the company has been providing bitcoin storage services for hedge funds and other organizations since 2018. However, given the economic situation this year, there is a growing demand among financial organizations for cryptocurrency trading services, as well as for custodial services.
To meet customer needs, FDAS needs additional resources. In the coming months, the firm plans to attract more than 20 technical specialists in the field of cryptocurrencies and the latest technologies to expand its activities in this direction.
Fidelity Digital Assets intends to create new secure and scalable products that will make it easier for institutions to invest in bitcoin, ether and other crypto assets. The initiative is aimed at the widespread introduction of cryptocurrencies in various fields of activity. It is quite possible that the division of the investment firm Fidelity Investments will be able to provide services to traditional banking organizations.
The increase in the interest of institutional investors in cryptocurrencies was also facilitated by the explanations published by the Office of the Comptroller of the Currency of the United States (OCC) for American banks. According to the OCC, they are allowed to hold funds to secure stablecoins pegged to a single currency in a 1:1 ratio.
Earlier, analysts at Fidelity Digital Assets said that bitcoin has the basic characteristics of a means of accumulation and can become an insurance against the problems of the existing financial system.