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.”
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