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With its Sherlock platform, Fidelity aims to beat competitors in the data analysis space.
Fidelity Investments, a well-known asset manager famous for its foray into the crypto space, has unveiled another ingenious development among its list of services. On the 29th of April, Fidelity revealed a new program it had developed which was capable of analysing and collating data from digital assets. The program, known as Sherlock, will ”collect and perform fundamental and technical data analysis on blockchain, market forces, social sentiment and industry developments.”
Per the announcement, Fidelity aims to beat competitors in the data analysis space with its Sherlock platform. The platform comes with some unique features like researched data on digital assets from some of the top financial data providers. It would also have an analytics feature that will assist investors whenever they trade the market. In addition to these features, users will also be able to explore collated data off-platform to build and test their own trading models.
Sherlock will face stiff competition from the likes of Glassnode, Skew, Santiment, Dune Analytics, Coin Metrics. It’ll also compete against institution-grade analytics solutions like Messari and Delphi Digital.
Performance of Fidelity in the Crypto Space before Introducing Sherlock
Fidelity’s interest in the cryptocurrency space is well documented, the $10 trillion worth investment manager has had a long and rewarding history with the crypto market. Starting from a Bitcoin mining project in 2014, their involvement in the crypto space subsequently grew, eventually blossoming into an asset management ecosystem for Fidelity investments’ clients.
The firm also offers users several other services besides Sherlock, like Fidelity’s Center for Applied Technology (FCAT). The center started a blockchain incubator team that carries out research in blockchain technology, and develops proof-of-concepts, like Proof-of-Stake, around the numerous use cases for decentralized blockchain technology.
Fidelity Investments also has plans to begin a Bitcoin ETF, an exchange-traded fund that will use the Fidelity Bitcoin Index, a digital currency price tracker, to match the performance of Bitcoin on the market, the fund will be called Wise Origin Bitcoin Trust and is backed by Fidelity Digital Funds Management, one of Fidelity’s subsidiaries.
Fidelity’s Sherlock is yet another commitment to the crypto space in a long list of them, and an answer to the call of many investors for a complete and immersive data solution. Kevin Vora, a senior official at FCAT had this to say, “It’s been exciting to see the tremendous growth in the digital assets data space over the past few years, and while the market is maturing rapidly, we’ve heard from institutional investors that there’s still a need for a comprehensive and accessible data solution.”