Fidelity Digital Assets will allow clients to trade Ether from Oct. 28, according to a company email shared by Fidelity’s customers via Twitter.
See related article: Fidelity considers Bitcoin trading on brokerage platform: WSJ
Fast facts
- Institutional investors will be able to buy, sell and trade ETH, the second-largest cryptocurrency by market cap.
- “With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” wrote Fidelity in the email, likely referring to how Ethereum became more energy-efficient after the update.
- Fidelity Digital Assets, an execution and custody services provider, is the crypto arm of asset management giant Fidelity Investments that has over US$4.5 trillion in assets under management.
- The move comes after Fidelity launched a US$5 million Ethereum Index Fund earlier this month, according to the company’s SEC filing.
- Fidelity Investments launched Fidelity Digital Assets in 2018, which offers an exchange-traded crypto fund for the metaverse and one focused on digital payments.
- Despite more institutional adoption on the horizon, Ether shed 0.8% of its value in the last 24 hours, trading at US$1,292 at 5.30 p.m. in Hong Kong, according to data from CoinGecko.
See related article: Fidelity allows retirement investments in Bitcoin