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Fidelity Investments, one of the world’s largest asset management firms, is set to introduce a money market fund that could eventually run on a blockchain, signaling its latest move to embrace innovative technology.
Fidelity outlined its fund plan, the first time the initiative has been publicly announced, according to documents filed with the U.S. Securities and Exchange Commission (SEC) on September 26. By launching the fund, Fidelity aims to compete with BlackRock, the world’s largest money manager, which already has a similar blockchain-based fund. BlackRock’s offering has proven successful, attracting more than half a billion dollars in investment.
If successful, Fidelity’s blockchain-integrated fund could increase the speed and efficiency of financial transactions, making it easier for a broader range of investors to participate.
*This is not investment advice.