Fidelity Collaborates with TokenSoft to Use a ERC-1404 Token ‘BBT’ for Rewarding Employees

According to a recent report by Finance Magnates, Fidelity Investments is incentivizing employees with digital currencies. The company’s Center for Applied Technology (FCAT), which focuses on research and development, is collaborating with TokenSoft to bring the ERC-1404 token.

TokenSoft shared in a Medium post that before issuing the token, it integrated the BBT token contract into its Token Administration which can be used by financial institutions, such as fidelity.

Fidelity also plans to launch a crypto custodian service and trading platform, according to the Finance Magnates report. Further, Fidelity Digital Assets received a license from authorities in New York to offer digital asset trading services. The company stated,

“The ERC-1404 standard enables TokenSoft clients to place a digital representation of an asset onto the Ethereum blockchain with the confidence that their compliance requirements are being adhered to while preventing unauthorized transactions from occurring.”