U.S. asset management giant Fidelity Investments Inc. is the first financial institution to join The Initiative for CryptoCurrencies & Contracts (IC3), a blockchain technology development group composed of leading academic institutions and tech companies.
The IC3 group is based at the Jacobs Technion-Cornell Institute at Cornell Tech in New York and includes academics from Cornell University, Cornell Tech, UC Berkeley, Technion, and the University of Illinois at Urbana-Champaign as well as partners from the IT sector, such as IBM and Intel.
IC3 was founded to pursue the development of blockchain technology applications by collating world-class expertise in cryptography, distributed systems, computer programming, and systems security and making it available to partners in the industry. The blockchain development group focuses mainly on the implementation of cryptocurrencies, smart contracts, and distributed ledger technology into the financial system. IC3 collaborates with industry experts in finance and banking, tech entrepreneurs, regulators and open source software communities to turn today’s blockchain-based ideas into tomorrow’s reliable and efficient systems that the financial industry will run on.
Boston-based Fidelity has joined the blockchain initiative through its innovation arm Fidelity Labs with the aim to make financial systems more efficient and transparent as well as increase transaction speeds and set higher confidentiality and security standards.
Fidelity Labs stated on its blog that together with IC3 it “will explore a rich spectrum of new financial instruments and business tools that could someday improve the Fidelity customer experience, working alongside some of the best researchers, faculty, and students in the space.”
The financial institution expects the outcome of the collaboration to include new blockchain and smart contract technologies that will meet the financial industry’s needs.
Fidelity is one of many financial institutions joining blockchain consortia and development initiatives as the financial industry acknowledges the role that blockchain technology will play in the future of finance. From streamlining KYC onboarding processes to lowering the cost of cross-border payments and to improving the efficiency of securities settlement and clearing, blockchain technology is widely expected to become an integral part of the financial sector in the not-so-distant future.
ETH-USD failed to break overhead resistance in the $160 range. This coincided with a failed retest of the supply and demand channel as the market saw a strongly overbought condition.
We are currently stuck between support and resistance, but it seems very likely that we will see a retest of the low $90s before any potential bullish pressure hits the markets. If, for whatever reason, we begin to rally, we need to see a decisive, strong close above the $160 level before any macro-trend-changing behavior is seen.
Bitfury, a developer of blockchain-based hardware and software products, has announced a new initiative: Bitfury Surround. The project aims to build an open-source platform that streamlines operations in the music entertainment industry.