Key Insights
- Fidelity Digital Assets would start enabling customers to trade ETH.
Fidelity Digital Assets announced that they would soon commence offering institutional customers the ability to trade and transfer Ether (ETH).
Since its launch in 2018, the company started with Bitcoin trading and custody offerings. It received a trusted charter from New York’s financial service regulator in 2019.
According to the Wall street journal, the company planned to launch Bitcoin trading capabilities for retail customers on September 12. This necessitated them, Charles Schwab, and Citadel Securities to launch a digital asset exchange, EDX Markets. The Altcoin Hub also tweeted the launch of this digital asset exchange.
Similarly, Fidelity Assets disclosed that it would launch another Ethereum Index Fund in a Security and Exchange Commission (SEC) filing on September 26.
Fidelity Strides in the Crypto Ecosystem
Fidelity is an asset management giant that forayed into the cryptocurrency ecosystem in 2018 by launching crypto-focused institutional custody and trading platform. The platform was named Fidelity Digital Assets.
Fast forward to 2022, the Investment firm now offers two-exchange traded crypto funds. These crypto funds are dedicated to the metaverse and digital payments.
You would recall that earlier this month, the firm announced that it had started a new Ethereum Index fund for accredited investors shortly after raising over $5 million. This amount was realized after the giant asset management firm started crypto sales in September.
The latest stride of Fidelity Digital Assets is the plan to offer its institutional customers the ability to transact and exchange Ether starting from October 28, 2022.
Fidelity Investments spokesperson said,
Investors will be able to buy, sell and transfer ether, to access the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments today.”
With this announcement, rumors surrounding Fidelity’s plan to expand its crypto footprint to a broader, retail-centric customer base has now been clarified and laid to rest.
Asides from the expected provision of ETH to institutional customers, the asset management firm has released job adverts offering clues on its crypto ambitions and the development of crypto wallet services.
Conclusion
Fidelity Investment has several plans for the cryptocurrency ecosystem. A representative of the firm buttressed the plans when he commented,
While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus.”
It is, however, clear that all plans and efforts are geared toward institutional investors.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
