Investment giant Fidelity has announced its readiness to give institutional customers access to Ethereum (ETH) purchases through its digital assets subsidiary.
According to the firm in an email sent to investors as shared by crypto enthusiast Bruce Fenton, the decision to allow access to Ethereum (ETH) comes following the successful deployment of The Merge.
So, the new development will enable institutional users of the investment firm to buy, sell and transfer Ethereum (ETH) from the 28th of October 2022.
The email read in part as shared by Bruce Fenton:
“With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens.
“Wherever you are in your exploration of Ethereum and ether, its native token and currently the second-largest digital asset by market capitalization, Fidelity Digital Assets has the capabilities to help.”
Regarding crypto custody and trading services, the firm wrote, “Institutional Ethereum capabilities are coming to the Fediltiy Digital Assets platform on October 28, 2022. Investors will be able to buy, sell, and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments today.”
It’s worth noting that Fidelity’s decision to offer crypto services related to Ethereum (ETH) is like the fulfillment of the initial purpose of the Merge, which is to make institutional investors join the crypto bandwagon.
With the successful transition of the Ethereum network to a proof of stake (PoS) consensus algorithm, ETH has been touted to be a deflationary asset and attract institutional capital.
It’s worth noting that Ethereum showcased itself as a deflationary asset after its circulating supply dropped by 4,000 ETH within two days about two weeks.
As the circulating supply drops steadily, it’s expected to impact the price of Ethereum in the long run. At the time of writing, ETH is trading at $1,307, with a relatively 1% price upsurge in the last 24 hours.