Fidelity tests reward token based on Ethereum

  • Fidelity is in its first stage to test a reward token based on Ethereum.
  • The token will automate operations and encourage employees of a company to perform specific tasks.

Fidelity, a financial services company based in Boston, United States, has released a proof of an employee reward token based on Ethereum. According to Fidelity, the first stage of implementation has been successful.

Testing phase of the reward token based on Ethereum

Fidelity made the announcement through a press release. There, it disclosed details about the reward token based on Ethereum and its testing phase. The company partners with TokenSoft, a blockchain solutions company, and with Fidelity’s Center for Applied Technology’s (FCAT). The cooperation resulted in the standard token ERC-1404.

The token was released with the Bits and Blocks Club. This is an internal learning group focused on digital assets and blockchain technology of the FCAT. Once the token was released it was incorporated into TokenSoft’s token management platform. From there, it went on to a closed loop reward system. The goal of the system was to encourage Fidelity’s employees who participated in the trial to perform specific tasks. For example, to be part of activities and other events of the company.

According to the press release:

This ERC-1404 token is a standard designed to enforce complex regulatory requirements for blockchain-based assets such as whitelisting investors or approving users to send and receive the assets. TokenSoft clients use ERC-1404 to enforce a variety of banking, securities and tax regulations internationally as they pertain to digital asset securities.

Juri Bulovic of FCAT’s product management department also commented on FCAT’s cooperation with TokenSoft. He was enthusiastic about the achievements of the companies and about being able to use the blockchain technology to solve everyday problems.

In addition to Bulovic, Mason Borda, CEO of TokenSoft stated:

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This project demonstrates the primary value of modernizing and automating business processes for securities and other compliance laws to eliminate manual work by multiple parties

Fidelity will be able to trade Bitcoin by license in the United States

As CNF reported, Fidelity has successfully obtained a license from the New York State Department of Financial Services (NYDFS) to trade Bitcoin. The license will allow Fidelity to launch a platform to trade Bitcoin in the state.

The platform’s operations will focus on audits, regulatory oversight, accounting structure, institutions and risk management practices. Investors who want to trade Bitcoin will be able to feel more confident.

Fidelity has stated that this achievement will allow new capital to enter the cryptomarket. In addition, it reaffirms Fidelity’s will to make Bitcoin, Ethereum and cryptocurrencies part of the everyday world by contributing to their adoption with projects such as the ones it carries out with TokenSoft.

The price of Ethereum is $ 152 USD and has tended to decline (3.46%) in the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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