As reported by Reuters, Fidelity is the primary asset supervisor to hitch the Initiative for CryptoCurrencies and Contracts (IC3), launched a number of years in the past with funding from the US National Science Foundation.
The agency’s technology-focused arm, Fidelity Labs, will be a part of the crew which incorporates Cornell University, University of California at Berkeley, IBM Corp and Intel Corp in creating a blockchain platform used to streamline a short-term company type of borrowing generally known as repurchase agreements (REPOs). Large sellers of securities usually use REPOs as a mechanism for short-term liquidity, usually promoting securities in the future and shopping for them again the subsequent.
Hadley Stern, SVP for Fidelity Labs, instructed Reuters:
“What IC3 brings is that academic computer science legacy that can help us explore how this technology can be applied.”
Fidelity’s entry into the IC3 project follows years of rising curiosity on each the bitcoin and blockchain fronts.
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