Fidelity Investments, the giant financial investment management firm, unveils a new analytics platform tailor-made to help institutional investors evaluate the digital assets market accurately and make decisions accordingly. The platform is named Sherlock — unarguably after the legendary detective Sherlock Holmes — and brings all the necessary data for market evaluation in one central location.
Sherlock provides its users with smooth access to basic and specialized data about evolving ecosystems, trading volume, network and social media activity, news, updates, and additional analysis on digital assets. The analytics solution collects data from leading data providers and enables investors to assess the market condition to settle on a plan of action.
“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,” said Kevin Vora, vice president, Product Management, Fidelity Center for Applied Technology (FCAT).
Being first of its kind, Fidelity claims that Sherlock offers an intuitive user interface with modern tools that empower investors to conduct and manage extensive evaluations. Using these evaluations, investors can discover insights and predict market trends to make proper investment decisions. The solution also allows users to model and backtest (test to find working trading strategies without having to risk capital) using the off-platform data.
Kinjal Shah, the Senior Associate at Blockchain Capital LLC, stated that a significant problem when researching and analyzing digital markets is “piecing together information” from various resources. “Sherlock helps us research more efficiently by giving us access to holistic, timely data, which is crucial in this fast-paced market,” he then added.
FCAT, Fidelity Center for Applied Technology, has developed Sherlock and is now working to further expand its functionality as well as extending the limited series of the platform. FCAT also has a team responsible for conducting research and accumulating proofs of concept for use cases of this technology.
Fidelity Investment is a front-runner among traditional financial firms to embrace the controversial digital world. In 2015, Fidelity Charitable, the leading donor-advised fund program, announced accepting donations in Bitcoin. In 2018, the firm launched its subsidiary Fidelity Digital Assets to support its institutional customers with holdings in digital assets.
Earlier this year, Fidelity registered with the SEC to offer a Bitcoin ETF. And just recently, Fidelity grouped with crypto industry leaders Coinbase, Paradigm, and Square Inc and founded The Crypto Council for Innovation with a mission to educate people about the benefits of crypto.