Fidelity Digital Assets (FDAS) thinks that in the future, custodians will work from behind the scenes to store cryptocurrencies for clients from different firms.
At the same time, its enterprise-based platform for crypto transactions, Fireblocks, has just passed an EY audit that confirms it complies with data security standards, which has led to talks with Wall Street clients.
FDAS Doesn’t Have Any Plan to White-Label Its Custody Services
FDAS is a Bitcoin (BTC) custodian and broker for institutional investors. It doesn’t have any plan to white-label its services, this being just a theory about the future it has launched. What it has announced is that this month it’s going to open a new European entity. At the moment, FDAS sources its liquidity mostly from over the counter (OTC) trading desks, but it has plans to have its own crypto exchange until this year is over.
Fireblocks Was Awarded a SOC 2 Type II Certification
After a 6-month audit on how Fidelity’s Fireblocks processes, protects and manages customer data, the company was given a Service Organization Control (SOC) 2 Type II Certification. Fireblocks’s service allows institutions to move digital assets securely. Its platform was launched in June and it supports 180 cryptocurrencies in addition to 22 exchanges. In an EY report, it’s mentioned that Fireblocks met or exceeded the SOC 2 Type II criteria and that it’s going to be evaluated every year in order to comply with all security standards.
Few Crypto Businesses Have the SOC 2 Type 2 Accreditation
According to Fireblocks’ co-founder and CEO, Michael Shaulov, only a few crypto businesses are SOC 2 Type II accredited. Now, the company is looking for clients from outside the crypto world, like financial institutions that want to try the asset class. It has been confirmed that is already in talks with Wall Street firms.