{"id":172962,"date":"2024-10-11T11:03:40","date_gmt":"2024-10-11T11:03:40","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172962"},"modified":"2024-10-11T11:04:03","modified_gmt":"2024-10-11T11:04:03","slug":"fidelity-set-to-launch-blockchain-fund-amid-data-security-breach","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/fidelity-set-to-launch-blockchain-fund-amid-data-security-breach\/","title":{"rendered":"Fidelity Set to Launch Blockchain Fund Amid Data Security Breach"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Fidelity Investments<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0is launching a new blockchain-based money market fund to enhance transaction speed and efficiency, competing with major players like BlackRock and Franklin Templeton.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">The launch follows a significant data breach<\/span><\/strong><span data-preserver-spaces=\"true\"> between August 17-19, 2024, compromising the personal information of over 77,000 customers, but no accounts or funds were accessed.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Despite the breach, Fidelity is committed<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\"> to improving financial services through innovative technology, prioritizing customer security and privacy.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Fidelity Investments, <\/span><\/strong><span data-preserver-spaces=\"true\">a leading multinational financial services corporation, <\/span><strong><span data-preserver-spaces=\"true\">is set to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theinformation.com\/articles\/fidelity-plans-first-fund-that-may-use-blockchain\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">launch <\/span><\/a><span data-preserver-spaces=\"true\">a new <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/blockchain-technology\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">blockchain<\/span><\/a><span data-preserver-spaces=\"true\">-based money market fund.<\/span><\/strong><span data-preserver-spaces=\"true\"> This innovative fund aims to enhance transaction speed and efficiency, making financial transactions <\/span><span data-preserver-spaces=\"true\">simpler<\/span><span data-preserver-spaces=\"true\"> and more streamlined. <\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The announcement, <\/span><\/strong><span data-preserver-spaces=\"true\">made through documents filed with the U.S. Securities and Exchange Commission (SEC) on September 26, 2024, <\/span><strong><span data-preserver-spaces=\"true\">marks Fidelity\u2019s first foray into leveraging blockchain technology<\/span><\/strong><span data-preserver-spaces=\"true\"> for a money market fund. The new fund is expected to compete with similar offerings from major players like BlackRock and Franklin Templeton. <\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">BlackRock\u2019s blockchain fund has already attracted over $500 million in inflows<\/span><\/strong><span data-preserver-spaces=\"true\">. At the same time, <\/span><strong><span data-preserver-spaces=\"true\">Franklin Templeton has launched a tokenized market fund<\/span><\/strong><span data-preserver-spaces=\"true\"> that is available on multiple blockchain platforms. Fidelity\u2019s initiative follows its earlier efforts to tokenize money market fund shares through JPMorgan\u2019s <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ethereum<\/span><\/a><span data-preserver-spaces=\"true\">-based Onyx Digital Assets platform.<\/span><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172963\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/FidelityDataBreach.jpg\" alt=\"Fidelity Set to Launch Blockchain Fund Amid Data Security Breach\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/FidelityDataBreach.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/FidelityDataBreach-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/FidelityDataBreach-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Fidelity&#8217;s Data Security Breach<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The launch of Fidelity\u2019s blockchain fund follows a significant data security breach<\/span><\/strong><span data-preserver-spaces=\"true\"> that occurred between August 17 and August 19, 2024. The breach compromised the personal information of over 77,000 customers, including sensitive data such as social security numbers and driver\u2019s licenses. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The breach was discovered when unauthorized access to two newly created customer accounts was detected and terminated <\/span><span data-preserver-spaces=\"true\">on August 19<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Fidelity has since taken steps to address the breach<\/span><\/strong><span data-preserver-spaces=\"true\">, including <\/span><strong><span data-preserver-spaces=\"true\">offering affected customers two years of free credit<\/span><\/strong><span data-preserver-spaces=\"true\"> monitoring and <\/span><strong><span data-preserver-spaces=\"true\">identity restoration services<\/span><\/strong><span data-preserver-spaces=\"true\"> through TransUnion Interactive. Despite the breach, Fidelity emphasized that no customer accounts were accessed <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> no funds were affected.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Moving Forward<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">While the data breach has undoubtedly posed challenges, <\/span><strong><span data-preserver-spaces=\"true\">Fidelity remains committed to <\/span><span data-preserver-spaces=\"true\">its mission of<\/span><span data-preserver-spaces=\"true\"> enhancing financial services through innovative technology<\/span><\/strong><span data-preserver-spaces=\"true\">. <\/span><span data-preserver-spaces=\"true\">The new blockchain-based money market fund represents a significant step in this direction, promising to offer faster and more efficient transactions <\/span><span data-preserver-spaces=\"true\">for its users<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">As Fidelity navigates the aftermath of the security breach, the company continues <\/span><span data-preserver-spaces=\"true\">to prioritize<\/span><span data-preserver-spaces=\"true\"> the security and privacy of its customers\u2019 information. The launch of the blockchain fund underscores Fidelity\u2019s dedication to leveraging cutting-edge technology to improve financial services, even in the face of cybersecurity challenges.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Fidelity Investments\u00a0is launching a new blockchain-based money market fund to enhance transaction speed and efficiency, competing with major players like BlackRock and Franklin Templeton. The launch follows a significant data breach between August 17-19, 2024, compromising the personal information of over 77,000 customers, but no accounts or funds were accessed. Despite the breach, Fidelity &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Fidelity Set to Launch Blockchain Fund Amid Data Security Breach\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/fidelity-set-to-launch-blockchain-fund-amid-data-security-breach\/#more-172962\" aria-label=\"More on Fidelity Set to Launch Blockchain Fund Amid Data Security Breach\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5449,4620,5536,4693],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172962"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172962"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172962\/revisions"}],"predecessor-version":[{"id":172965,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172962\/revisions\/172965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172964"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}