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Fidelity offers clients ETH custody starting next week

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Indrani bose Follow

INDIA

Oct, 22 2022

Oct, 22 2022

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Fidelity offers clients ETH custody and trading starting from next week.Fidelity Digital Assets which is the crypto subsidiary of financial services provider Fidelity Investments, which specializes only in digital assets will begin enabling institutional clients to conduct transactions in ether starting on October 28, 2022. 


In an email to customers which was shared on Twitter, the crypto subsidiary of Fidelity announced about increased "Institutional Ethereum capabilities" for institutional investors. Fidelity Digital Assets later this month will begin enabling institutional clients to purchase, sell, and transfer ether.  


A day later, Fidelity Digital Assets, Charles Schwab, and Citadel Securities announced they will start EDX Markets, a digital asset exchange. After that, Fidelity Investments said in a Securities and Exchange Commission (SEC) filing on September 26 that it would introduce a new Ethereum Index Fund. 


A number of announcements relating to cryptocurrencies have been made recently by Fidelity Digital Assets and its parent company Fidelity Investments. According to the report, Fidelity Investments planned to provide bitcoin trading for individual customers on September 12. 


In recent months, Fidelity companies have also advertised a number of openings for cryptocurrency careers, with vacant positions at Fidelity Digital Assets including a crypto wallet product owner. 


A past paper from Fidelity outlined their belief that cryptocurrencies are a better form of money than just technology. Fidelity made plans to let 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. According to Galaxy Digital CEO Mike Novogratz, Fidelity is considering offering Bitcoin to its 34.4 million retail investors. Fidelity, a $4.5T wealth manager, began operations in 2018 with bitcoin trading and custody services, and in 2019 it was granted a trusted charter by the authority for financial services in New York. 


According to Fidelity, many investors are looking at Ethereum through a different lens following Ethereum's switch to the proof-of-stake paradigm, which is more environmentally friendly. According to the report, 90% of the company's most important customers are interested in using Bitcoin and other cryptocurrencies. 


Galaxy Digital CEO Mike Novogratz stated on September 13 that Fidelity intended to make Bitcoin available to its 34.4 million retail investors. According to an Oct. 4 filing, a new Ethereum Index Fund has raised more than $5 million since its first sale on Sept. 26.  


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Indrani bose

CBW - External Analyst

INDIA

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