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Fidelity Shows Interest in Cryptocurrency and Blockchain

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Fidelity finance

Fidelity Investments has interest in cryptocurrency and the blockchain.

The History of Fidelity and Revolutionary Technology

The company has a long history with revolutionary technology.

In fact, its founder Edward C. Johnson often told employees that it is better to “take intelligent risks rather than follow the crowd.”

The company was among the first financial institutions to purchase and use a supercomputer in the 1960s. Additionally, the company was one of the first to sell investment products in the 70s using toll-free phone lines.  Furthermore, the company built an infrastructure that relied heavily on the early versions of artificial intelligence. It used voice-activated computers to execute their Fidelity Money Line answering system in the 1980s.

For example, in the 90s, the company initiated the Fidelity Center for Applied Technology (FCAT). The FCAT creates an environment for the company to test new products without the pressure of failure or wasting funds.

Fidelity and The Blockchain

Several years ago, it placed itself in a pioneering position considering the role of financial companies in the crypto industry. They endeavored to understand Bitcoin and the blockchain technology.  In fact, it launched a small Bitcoin mining operation and acquired the cryptocurrency at a rate of $180 per Bitcoin.

Additionally, the company operates an independent charity arm. The latter successfully accepted Bitcoin donations and raised over $69 million in 2017.

“It worked out because there were so many people, newly incredibly wealthy through Bitcoin, who were looking to become philanthropists. We made it really easy for them,” the company said.

 

 

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