July 20, 2024

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$4.5T asset manager Fidelity offers ETH custody and trading to clients

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.5T asset manager Fidelity offers ETH custody and trading to clients

Fidelity Digital Assets, the crypto wing of $4.5 trillion asset manager Fidelity Investments, is set to offer Ether (ETH) custody and trading services to its institutional clients later this month. 

According to an email to Fidelity’s customers shared on Twitter, the crypto arm announced new “Institutional Ethereum capabilities” for institutional investors starting on Oct. 28, 2022.

The post states that investors will be able to buy, sell and transfer ETH, “using the same model provided for bitcoin investments today.”

“With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” said Fidelity, likely referring to Ethereum’s shift to the environmentally-friendly proof-of-stake (PoS) model.

Fidelity has been a long supporter of cryptocurrencies such as Bitcoin (BTC), outlining in a past paper their belief that it’s a superior form of money rather than just tech.

This latest announcement comes in the wake of a new Ethereum Index Fund, which has raised over $5 million since the first sale on Sept. 26 through a sole investor, according to an Oct. 4 filing.

Related: Fidelity will ‘shift’ retail customers into crypto soon — Galaxy CEO

In April, Fidelity announced plans to allow 401(k) retirement saving account holders to directly invest in Bitcoin.

While last year, the company announced that 90% of its biggest clients were interested in accessing Bitcoin and other cryptocurrencies.

On Sept. 13, Galaxy Digital CEO Mike Novogratz said that Fidelity was reportedly working toward offering Bitcoin to its 34.4 million retail investor base.

Cointelegraph reached out to Fidelity regarding the new service but has not received an immediate response at the time of publication.