A recent report suggests that Fidelity Investments, an American investment giant, has begun internal discussions about hiring for a new cryptocurrency exchange.

Recently, Fidelity executives sent out internal correspondence to its employees notifying them that the firm is looking for a DevOps System Engineer, according to Business Insider. The reason Fidelity is looking for one is “to help engineer, create and deploy a Digital Asset exchange to both a public and private cloud.”

It is commonly believed that for cryptocurrency to be treated as a new asset class, it needs a trusted custodian service to accommodate that transition. Fidelity is looking to become that service for the crypto market. The company, which oversees about $2.4 trillion dollars in assets, could easily take crypto to the promised land if the rumors are true.

Dave Weisberger, a market structure specialist, said,

“Fidelity’s reputation for achieving best execution for their retail clients should help legitimize the asset class.”

If Fidelity goes through with this move, it will be the largest move by a Wall Street firm into the crypto market to date. Upon release, Fidelity’s exchange will likely join the likes of Coinbase, OKex, and Binance in terms of user base and trading volume.

It is unknown when Fidelity plans on launching this exchange, but it should be anxiously awaited by the crypto community.

Fidelity is highly trusted and is one of the largest investment giants in the world. Home to thousands of users and many large investors, their exchange may become the largest on-ramp for fiat coming into the crypto market.

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