Investiție giant Fidelity, through its digital assets subsidiary, has announced plans to offer institutional users access to Ethereum (ETH) tranzacții.
The firm noted that the decision to allow access to Ethereum comes after the successful Îmbinare upgrade, and customers will be able to buy, sell and transfer the asset from October 28, Fidelity a spus in an email to investors as shared by cripto proponent Bruce Fenton on October 19.
“With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” read part of the email.
The implications of Fidelity Ethereum services
It is worth noting that the Fidelity decision to offer Ethereum compliments one of the initial targets of the Merge upgrade seeking to cater to institutional investors. With the upgrade, Ethereum has been touted to become a deflationary asset and attract institutional capital. Notably, Ethereum appears to be recording some deflation after the asset’s circulation dropped by 4,000 ETH within two days as of October 10.
Consequently, the development is projected to positively impact Ethereum’s price, especially with the second-ranked cryptocurrency correcting after the upgrade.
In this line, ongoing whale activity on the network highlights a possible Ethereum rally in the future. According to blockchain platforma de analiza Santiment as of October 20, Ethereum’s billionaire balenă addresses had increased their haul by 14% since September 11.
“Since September 11, Ethereum billionaire whale addresses holding 1M or more ETH have collectively added 3.5M more coins. This has increased their cumulative bags by +14%. There are currently 132 such addresses in existence,” the platform a spus.
Overall, Ethereum has largely traded around the $1,200 and $1,300 level after being weighed down by the general market correction. Interestingly, Ethereum is exhibiting a de urs momentum in contrast to other top assets.
Potrivit unui Finbold raportează on October 20, Bitcoin, Cardano (ADA), XRP, and Binance COIN (BNB) have recorded a bullish sentiment, hinting at a possible breakout in Q4. However, Ethereum remains slightly bearish.
Fidelity’s venture into crypto space
The incorporation of Ethereum comes after Fidelity recently revealed it intends to launch a new Ethereum Index Fund after making the necessary filings with the Securities and Exchange Commission (SEC).
Notably, Fidelity Digital Assets, which focuses exclusively on digital assets, has recently made inroads into offering more crypto-related services. For instance, it emerged that Fidelity was explorarea the option of launching Bitcoin (BTC) trading capabilities for retail customers.
Finally, it is worth pointing out that as per Finbold’s raportează, Fidelity Digital Assets, Charles Schwab (NYSE: SCHW), and Citadel Securities announced a plan to launch a cripto-tranzacționare platformă.
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Source: https://finbold.com/fidelity-rolls-out-ethereum-trading-and-custody-is-eth-about-to-turn-bullish/