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Deythere > News > News > Fidelity Follows BlackRock: New Blockchain-Based Money Market Fund in the Works!
News

Fidelity Follows BlackRock: New Blockchain-Based Money Market Fund in the Works!

focusing on the concept of a new cryptocurrency market fund. The image features abstract representations of digital coins and a finan
Ezeudo Nwosu
Last updated: October 11, 2024 8:27 am
By
Ezeudo Nwosu
Published October 11, 2024
3 Min Read
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Asset management giant Fidelity Investments is planning to launch a blockchain-based money market fund, signaling its latest move to integrate blockchain technology into financial services. This step aligns Fidelity with other major financial institutions, embracing innovation to enhance services. Notably, this announcement coincides with a recent data breach that affected the company’s clients.

Contents
  • Fidelity’s Blockchain Money Market Fund
  • Security Concerns Arise Amid Data Breach
  • Increasing Interest in Digital Assets

Fidelity’s Blockchain Money Market Fund

On September 26, 2024, documents filed with the U.S. Securities and Exchange Commission (SEC) revealed that Fidelity is planning to introduce a blockchain-integrated money market fund. This marks the company’s first foray into blockchain technology for such a product, aiming to improve the speed and efficiency of transactions. The fund is expected to streamline financial processes and attract more investors through its simplicity.

This move positions Fidelity against the world’s largest asset manager, BlackRock, whose similar blockchain fund has already amassed over half a billion dollars in capital, showcasing investors’ growing interest in integrating blockchain with mainstream finance.

Security Concerns Arise Amid Data Breach

As Fidelity prepares to launch its blockchain platform, the company is also addressing the fallout from a recent data breach. Between August 17-19, 2024, an unauthorized third party accessed two newly created customer accounts, affecting over 77,000 individuals’ personal data, according to a report filed with the Maine Attorney General’s Office.

dynamic visual representing Fidelitys launch of a blockchain based money market fund. The image features abstract representations of blo

Fidelity has assured that customer accounts were not closed during the breach and that the impact was limited to a small number of users. The company has since halted the unauthorized access and launched an internal investigation. To ease concerns, Fidelity is offering two years of free credit monitoring and identity restoration services to affected customers.

Increasing Interest in Digital Assets

This shift towards blockchain and digital assets is part of a broader trend in the financial services industry. Earlier in 2024, Fidelity International launched a Physical Bitcoin ETP on the London Stock Exchange, marking the company’s first venture into digital assets in the UK.

As the Financial Conduct Authority (FCA) restricts crypto-backed Exchange-Traded Notes (ETNs) to professional investors, Fidelity’s new blockchain fund is poised to strengthen its position in the U.S. digital finance sector. However, the company’s exposure to cybersecurity threats highlights the need for enhanced security measures in its transition to blockchain.

While blockchain’s security features like transparency and immutability are praised, Fidelity’s history of data breaches underscores the importance of robust security protocols to protect investors.

Fidelity’s blockchain-based fund could play a significant role in the future of digital finance, but ensuring the security of these new ventures remains a critical challenge for the company.

blockchain, Fidelity, data breach, money market fund, digital assets

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ByEzeudo Nwosu
Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.
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