Fidelity Starts to Reward Employees in Crypto

Fidelity Investments, a multinational financial service giant, has started to incentivize its employees in digital currencies.

For the pilot initiative, Fidelity’s Center for Applied Technology’s (FCAT), the company’s research and development arm, collaborated with TokenSoft and is using the ERC-1404 token standard.

TokenSoft was responsible for the design and issuance of the BBT restricted token with a unique rewards program and compliance requirements as demanded by Fidelity.

“Post issuance, TokenSoft integrated the BBT token contract into TokenSoft’s Token Administration Platform which can be used by financial institutions like Fidelity,” TokenSoft noted on its official Medium post.

Fidelity is using the token in a closed-loop rewards system designed to encourage employees to attend internal events and other activities.

Mainstream finance giant adopting crypto

Despite being a mainstream financial giant, Fidelity dived into the digital asset ecosystem with its plans to launch crypto custodian service and a trading platform as well. The company is, however, targeting only institutional traders, unlike its competitors in the market, which are building a retail client base.

The crypto-specific arm of the company - Fidelity Digital Assets - last week gained a license from the authorities in New York to offer digital asset trading services in the state.

The company is planning to launch its crypto trading company by the end of this year, competing with established players like Coinbase, Gemini, Paxos, and Circle.

ERC-1404 token standard is ideal for rewards in companies like Fidelity as it is designed to enforce complex regulatory requirements for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based assets such as whitelisting investors or approving users to send and receive the assets.

“The ERC-1404 standard enables TokenSoft clients to place a digital representation of an asset onto the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term blockchain with the confidence that their compliance requirements are being adhered to while preventing unauthorized transactions from occurring,” the company noted.