Later this month, Fidelity Digital Assets, the cryptocurrency division of $4.5 trillion asset manager Fidelity Investments, plans to start providing custody and trading services for Ether (ETH) to its institutional clients.
The crypto division of Fidelity announced new “Institutional Ethereum capabilities” for institutional investors beginning on October 28, 2022, according to an email to customers that was posted on Twitter.
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, 2022
Investors will be able to purchase, sell, and transfer ETH “using the same model provided for Bitcoin investments today,” according to the post.
Fidelity claimed that “many investors are looking at Ethereum through a new lens” in reference to Ethereum’s switch to the proof-of-stake (PoS) model, which is more environmentally friendly.
Fidelity has long backed cryptocurrencies like Bitcoin (BTC), stating in a previous paper their opinion that it’s a better form of money than just technology.
This most recent announcement follows the launch of a new Ethereum Index Fund, which, according to a filing on October 4, has raised more than $5 million through a single investor since its first sale on September 26.
Fidelity made plans to enable holders of 401(k) retirement savings accounts to 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 reportedly intended to make Bitcoin available to its 34.4 million retail investors.
