Fidelity Digital Assets, the cryptocurrency division of $4.5 trillion asset manager Fidelity Investments, will reportedly start providing custody and trading services for Ether to its institutional clients.
The crypto division of Fidelity (Fidelity Digital Assets) announced expanded “Institutional Ethereum capabilities” for institutional investors beginning on October 28, 2022, according to an email to customers that were posted on Twitter.
Investors would be able to purchase, sell, and transfer ETH “using the same paradigm given for Bitcoin investments today,” according to the post.
Fidelity claimed that “many investors are looking at Ethereum through a different lens” in reference to Ethereum’s switch to the proof-of-stake (PoS) paradigm, which is more environmentally friendly.
In a previous paper, Fidelity outlined its support for cryptocurrencies like Bitcoin and explained why they think they are a better form of money than just technology.
This most recent news follows the launch of a new Ethereum Index Fund, which, according to a filing on October 4, has raised more than $5 million from a single investor since its debut sale on September 26.
Fidelity made plans to let holders of 401(k) retirement savings accounts make direct Bitcoin investments public in April.
While the business reported last year that 90% of its most important customers were interested in using Bitcoin and other cryptocurrencies.
Mike Novogratz, CEO of Galaxy Digital, stated on September 13 that Fidelity purportedly intended to make Bitcoin available to its 34.4 million retail investors.
