Fidelity Plans First Fund That May Use Blockchain

Investing giant Fidelity Investments is laying the groundwork to launch a money market fund that may trade on a blockchain in the future. It’s the latest effort by a big traditional money manager to explore using the technology to speed up financial transactions and widen the audience for its products.

Fidelity on Sept. 26 filed paperwork with U.S. securities regulators to outline its plans, a move that has not previously been reported. By launching the fund, Fidelity would catch up to BlackRock, the world’s biggest money manager, which already has a fund similar to the one Fidelity is proposing. BlackRock’s fund has attracted more than half a billion dollars from investors.