Fidelity Will Use Ethereum Blockchain to Reward Employees

November 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

One of the world’s largest asset management companies, Fidelity Investments is starting to reward its employees with digital tokens.

As part of the initiative, the Fidelity Application Technology Center (FCAT) entered into a partnership with the TokenSoft platform and used the Ethereum blockchain to issue ERC-1404 standard tokens. TokenSoft took on the task of developing a BBT token available for a limited number of operations, which was built into the company’s remuneration program in accordance with the indicated legal requirements.

“Post issuance, TokenSoft integrated the BBT token contract into TokenSoft’s Token Administration Platform which can be used by financial institutions like Fidelity,” TokenSoft notes.

Fidelity will use the new token in a closed system designed to encourage employees to participate in events and other activities.

“The ERC-1404 standard enables TokenSoft clients to place a digital representation of an asset onto the Ethereum blockchain with the confidence that their compliance requirements are being adhered to while preventing unauthorized transactions from occurring,” the company adds.

Earlier it became known that in the near future Fidelity plans to connect the exchange service to its platform in order to expand the existing cryptocurrency offer for large customers.

Author: Marko Vidrih