The crypto wing of $4.5 trillion asset manager Fidelity Investments, Fidelity Digital Assets, is ready to offer Ethereum trading services to its customers later this month. According to an email shared on Twitter for Fidelity’s customers, Fidelity Digital Assets announced that from the 28th of October, it would offer institutional Ethereum capabilities for institutional investors.
According to the Twitter post, the investors will be able to sell, buy and transfer Ethereum, which means the investors will now be able to trade ETH on Fidelity Digital Assets. The investors will trade ETH in the same way or model as provided for bitcoin investments.
Fidelity said, referring to Ethereum’s shift to the environmentally-friendly proof-of-stake model that, with the Ethereum Merge completed, many investors are looking at Ethereum through a new lens. Fidelity believes in cryptocurrencies such as Bitcoin and has been a long supporter of them. Fidelity also believes that a cryptocurrency is a superior form of money rather than just tech.
According to a 4th October filing, Ethereum Index Fund, a newly launched, has raised over $5 million since the first sale on the 26th of September through a single investor. Many believe that Fidelity’s announcement of its integration with ETH comes in the wake of a new Ethereum Index Fund.
Moreover, in April, Fidelity announced plans to allow 401(k) retirement saving account holders to invest in Bitcoin directly. Last year, Fidelity announced that around 90% of its big customers were interested in accessing Bitcoin and other cryptocurrencies. On the 13th of September, Mike Novogratz, the CEO of Galaxy Digital, said that Fidelity was reportedly working toward offering Bitcoin to its 34 million retail investor base.
Now this new integration with ETH from Fidelity will help them a lot in growing their business, especially in cryptocurrencies.