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Fidelity crypto division to offer institutional Ethereum capabilities

Fidelity crypto division to offer institutional Ethereum capabilities
Fidelity crypto division to offer institutional Ethereum capabilities

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Fidelity Digital Assets, the cryptocurrency subsidiary firm of Fidelity Investments, is set to allow institutional clients to trade ETH, the native token of the Ethereum blockchain.

Fidelity crypto arm to offer ETH trading

The new service exclusive to institutional clients will be launched on October 28, 2022. The launch of this service comes after the company expanded its cryptocurrency efforts by launching an Ethereum Index Fund.

Fidelity Digital Assets made a recent announcement on Twitter saying that the launch of “Ethereum capabilities” to institutional clients will allow them to buy, sell and transfer ETH.

This feature will be officially launched on October 28. The feature will use the,

Same operational excellence, robust security, and dedicated client service model provided for Bitcoin investments.

Fidelity has also pointed to the growing interest in ETH. The company said that after the Merge, a process that allowed ETH to switch from a proof-of-work to a proof-of-stake consensus, many investors became interested in the token.

On September 15, Ethereum became the first blockchain network to shift from PoW to PoS. the switch is already advantageous to the Ethereum blockchain because it has lowered the network’s energy consumption by around 99%.

Fidelity move into the Bitcoin sector

Fidelity is a financial organization that has engaged with Bitcoin over the years. The company ventured into Bitcoin mining in 2014. The company created a crypto subsidiary in 2018, expanding its presence in the crypto market while extending crypto services to its clients.

In April this year, Fidelity allowed investors to add Bitcoin to their 401(k) investment counts. The Head of Workplace Retirement Products and Platforms, Dave Gray, has commented on the company’s foray into digital assets, saying that digital assets would make up a large share of the financial industry in the future.

Gray said that the company supports blockchain technology, which would position the company as part of the future of the financial sector. After one month, Fidelity Digital Assets announced it would be hiring 110 developers and engineers and 100 customer service experts.

These experts will support the company’s crypto products and clients dealing with these products. The hiring spree taken by the firm differs from what has been witnessed across the crypto sector amid this year’s bear market.

Several companies offering crypto services have been laying off staff amid the intensity of the bear market. Some large firms that have laid off employees include Coinbase, Bybit, Gemini, Huobi, and Crypto.com.

In September, there were rumors that Fidelity would offer Bitcoin trading to individual investors through its brokerage platform. If this service is launched, it will allow 34 million retail customers of the firm to access Bitcoin.

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