Fidelity’s $4.5T asset manager offers ETH custody to clients

Fidelity Digital Assets is the crypto wing at $4.5 trillion asset manager Fidelity Investments and will offer Ether ( ETH) custody services and trading services to institutional clients in the next month.

Fidelity’s customers sent a confirmation email and it was confirmed by Cointelegraph that the crypto arm had announced new “Institutional Ethereum Capabilities” for institutional investors. This announcement will take effect on October 28, 2022.

According to the post, investors will be able buy, sell, and transfer Ethereum using the same model as bitcoin investments.

“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 long supported cryptocurrencies like Bitcoin ( BitcoinTC), stating in a paper that they believe it is a superior money than tech.

This announcement follows a new Ethereum Index Fund that has raised more than $5 million since its first sale on Sept. 26, through a single investor, according to an Oct. 4 filing.

Related: Fidelity to’shift’ its retail customers into crypto — Galaxy CEO

Fidelity announced in April that it would allow 401(k), retirement savings account holders to invest directly in Bitcoin.

The company revealed last year that 90% of its largest clients were interested to access Bitcoin and other cryptocurrency.

Mike Novogratz, CEO of Galaxy Digital, stated that Fidelity was and was reportedly working towardsoffering Bitcoin for its 34.4 million retail investors.

Updated Oct. 25, with confirmation from Fidelity that the service will launch Oct. 28.

Opinion writer on 7trade7