Home / Blockchain / Fidelity Channels $ 2.5 Billion in Blockchain Research

Fidelity Channels $ 2.5 Billion in Blockchain Research

Fidelity, the 72-year famous mutual fund at Silicon Valley, is changing tact and investing billions of dollars in emerging technologies as blockchain at Fidelity executive has revealed. For its long history, the firm plans to compete with traditional companies as Charles Swab for "blockchain is the new cool."

Fidelity Technology Trailblazing

Throughout their history, the mutual fund is known as a technology trailblazer. Back in the 1960s, they bought their first mainframe. Fidelity Money Line, the first EFT for money market funds.

Their trailblazing tradition is a result of their continuous investment and acceptance of technology. The firm spends $ 2.5 billion annually on research and development through Fidelity Center for Applied Technology (F-CAT) and Fidelity Labs. At these centers, failure is allowed. It is here where their employees can take their risk away from their fund management business.

With a "fast and fail early" mantra, Fidelity Labs can save money and concentrate their efforts elsewhere. Whenever there is a successful project, the firm runs internally before rolling out to customers globally. Fidelity Labs create machine learning apps as Cora and Pebble watch.

Blockchain Incubation and Research

Now, Fidelity Labs is setting their eyes on Blockchain and "listening to the market place". Though Katie Chase, the head of the blockchain incubation at Fidelity believes the technology is still born and the concept of stage internship, CEO Abby Johnson is not new to cryptocurrencies. Back when Bitcoin retailed at $ 180, he and his colleague "got curious" and started mining. Currently, Fidelity Labs is exploring user cases for public and private blockchain applications.

Katie Said:

"It's (blockchain) still very nascent. If you enter the covers of the stage. We tried to apply blockchain to some use cases where we learned to solve these problems. "

With bitcoin prices surging and blockchain becoming mainstream, there is a change. More than 2,600 members called "bits and blocks". Crypto balances.

The thawing nature of Wall Street is a boost to cryptocurrencies and news of Fidelity is a stamp of approval. JP Morgan, Morgan Stanley and other big banks are experimenting on blockchain technology in one way of another. Just recently, Google reversed their ban on cryptocurrency advertising.

Get real time updates directly on you device, subscribe now.

Source link