Next Week, Fidelity will Begin Offering Trading Services for Ethereum to Institutions

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Last Updated on October 22, 2022 by Bitfinsider

Following its initial investment in Bitcoin, the $4.5 trillion asset management company Fidelity is now shifting its focus to Ethereum.

In an email that was sent out to the company’s customers, Fidelity Digital Assets informed them that “Institutional Ethereum capabilities are coming to the Fidelity Digital Assets platform on October 28, 2022.” The offering will only be accessible to existing institutional customers of Fidelity who already trade or custody bitcoin, a cryptocurrency for which the company has provided services since the beginning of 2018.

Since a long time ago, Fidelity has demonstrated an interest in cryptocurrency assets. The asset manager stated that following the Ethereum merge, which successfully concluded the network’s move to proof of stake, many investors are beginning to look at Ethereum “through a new lens.” Additionally, the upgrade, which took years to develop and implement, markedly slowed down the supply issue of ETH.

There is no connection between the custody product with Fidelity’s Digital Assets Account, which already enables institutional customers to include Bitcoin in their 401(k) retirement savings plans. Due to the provision of the aforementioned service, the company has already been criticized by a number of members of Congress, most notably Senator Elizabeth Warren of the Democratic Party.

In the month of May, the President of Fidelity Digital Assets, Tom Jessop, made the announcement that the company would be employing more than one hundred tech workers in order to build out further blockchain services, including trading and custody of Ethereum.

At this time, Fidelity offers two exchange-traded funds (ETFs) targeting companies associated to the cryptocurrency metaverse and crypto payment systems.

Additionally, it has introduced a Bitcoin spot exchange-traded fund (ETF) in Canada, but it has not been able to do the same in the United States due to obstacles posed by the Securities and Exchange Commission (SEC).


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