By Alicia Maher
Fidelity Digital Assets reportedly sent out a mail to clients. It is said to offer clients institutional Ethereum services from next week.
Are New Offers on the Horizon?
Fidelity Investments is a $4.5 trillion worth asset management firm. And Fidelity Digital Assets is its crypto service arm. Ethereum currently sells at $1,291 and all clients, especially institutions, are about to get trading and custody services.
A client of the firm shared an email, on Twitter, reportedly sent out by Fidelity to all clients. The crypto service arm announced that it will begin offering institutional Ethereum services. The mail puts the date for the start of the operation on the 28th of October this year.
The Twitter user, @brucefenton, said Fidelity Digital Assets has just sent mails to clients. It announced that there will be Ethereum for sale this month. The tweet was made on the 19th of October.
The information states further that investors will be enabled to use Ethereum in various forms. They would be able to sell, buy, or transfer the asset in whichever way they want. It will follow the same pattern currently available for Bitcoin investment.
The Ethereum Merge has been completed for a while and the market is accepting it. Investors are now looking at the asset from a new perspective. Fidelity said in the shared mail while referring to the proof-of-stake migration.
The Start of Bitcoin Exposure
Fidelity has supported cryptocurrencies like Bitcoin for a very long time. The firm outlined some of its benefits in a paper it released some months back. It stated there that Bitcoin is a better type of money instead of an ordinary technology.
The latest announcement follows the launch of an Ethereum Index Fund. The fund has raised more than $5 million since it first began sales on the 26th of September. It came through a single investor, as reported in a filing on the 4th of October.
Fidelity made an announcement in April concerning 401k investors. It said that it is going to permit 401k retirement account holders to invest directly in Bitcoin.
The firm also mentioned last year that 90% of its big clients wanted to invest in Bitcoin. They are also interested in accessing other cryptocurrencies through the platform.
The CEO of Galaxy Digital, Mike Novogratz, commented on the 13th of September. He said Fidelity had plans to offer Bitcoin exposure to its retail investors who numbered 34.4 million then.
Fidelity was yet to respond to press inquiries about the new service as of the time of this report.