Fidelity Crypto Arm to Provide ‘Enterprise Ethereum Capabilities’

Fidelity Digital Assets – the crypto-affiliated subsidiary of giant Fidelity Investments – will allow its institutional clients to trade Ether (ETH).

The service will be available on the company’s crypto platform from October 28, 2022.

Fidelity Expands Its Access to Cryptocurrency

Earlier this month, the company doubled down on its efforts in the crypto space with the introduction of the Ethereum Index Fund.

In a recent announcement on Twitter, Fidelity Digital Assets revealed the launch of “Ethereum Capabilities” for institutional clients, who will be able to buy, sell and transfer ETH. The company added that the new feature, which will be available from October 28, will be based on “the same operational privilege, robust security and customized customer service model offered for bitcoin investments.”

Fidelity described that many investors started looking at ETH “through a new lens” after the merger was officially completed. On September 15, the protocol became the first to migrate from a Proof of Work (PoW) consensus algorithm to a Proof of Stake (PoS).

Fidelity Raids on Bitcoin

The organization has been actively involved in the core cryptocurrency for many years. She started mining BTC in 2014 and created crypto affiliate Fidelity Digital Assets, four years later.

In April, it allowed investors to add the asset to their 401(k) retirement accounts. Dave Gray – Head of Workplace Retirement Products and Platforms – said Fidelity supports blockchain technology and believes that “digital assets will be a much larger part of the future of the financial industry.”

A month later, Fidelity Digital Assets said it would hire 110 developers, engineers and 100 customer service professionals to support the company’s crypto products and help customers manage them.

Contrary to the hiring spree mentioned above, many companies in the space have laid off employees due to the dire consequences of a bear market. These examples are Coinbase, CryptoCom, Bybit, Huobi, Gemini, and more.

Last month, some reports indicated that Fidelity may offer bitcoin trading to retail investors on its brokerage platform. Once released, it will give the company’s 34 million retail customers access to BTC.

The crypto arm emerged after Fidelity to provide ‘institutional Ethereum capabilities’ first on CryptoPotato.

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