Fidelity Offers Ethereum Trading and Custody to Institutional Clients
Fidelity Digital Assets, part of one of the most prominent asset managers in the world, Fidelity Investments, announced this week it will offer Ethereum trading and custody services to its base of institutional clients....
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Fidelity Digital Assets, part of one of the most prominent asset managers in the world, Fidelity Investments, announced this week it will offer Ethereum trading and custody services to its base of institutional clients. The new product should be ready before the end of this month.
According to an e-mail, Fidelity Digital Assets sent its clients, after successfully finishing Ethereum Merge "many investors are looking at Ethereum through a new lens." Responding to their needs, the company has decided to allow institutional investors to trade using the world's second-largest cryptocurrency by market cap, starting from October 28.
"Investors will be able to buy, sell, and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for Bitcoin investments today," Fidelity Digital Assets said in the e-mail mentioned above.
Fidelity Digital Assets just sent an email to customers announcing that Ethereum will be available for purchase this month. pic.twitter.com/3V0GCrOt5z
— Bruce Fenton 🇺🇸 (@brucefenton) October 19, 2022The news comes moments after Fidelity launched its new Ethereum Index Fund. It has managed to raise more than $5 million from a sole investor since the first sale, which took place on September 26.
Fidelity Has Long Supported the Development of Digital Assets
Fidelity Investments manages $4.5 trillion in assets on a daily basis. The company noticed the potential in cryptocurrencies some time ago and decided to open a separate arm focused strictly on cryptos, Fidelity Digital Assets.
In September, the company announced it was considering allowing retail customers to trade Bitcoin (BTC) from its brokerage platform. Fidelity currently serves more than 40 million individual investors who execute nearly 3 million trades daily.
The company announced a new metaverse offering financial education and dance classes in the first half of the year. The move is aimed at attracting a younger generation of customers and investors to Fidelity's offerings.
Earlier, Fidelity Exchange Traded Products GmbH, one of the financial giant's European subsidiaries, began listing two new Bitcoin ETPs in US Dollars and Swiss Francs at the SIX Swiss Exchange.
Interest in cryptocurrencies among institutional investors is rising so dynamically that Fidelity Digital Assets has decided to increase its workforce. According to last year's information, the company was considering hiring up to 100 people for offices operating in Dublin, Boston and Salt Lake City.
This article was written by Damian Chmiel at www.financemagnates.com.Why this matters
This ethereum story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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