$4.5 Trillion Asset Manager Fidelity to Add Ethereum Trading For Institutional Clients
In a bid to increase its institutional clients’ exposure to crypto, Canadian asset manager Fidelity has decided to enable Ethereum (ETH) trading starting October 28, according to a memo sent out by the company.
Fidelity's institutional clients will be enabled this month to buy, sell, and transfer ether, according to the memo whose contents were confirmed to CoinDesk by a spokesperson for Fidelity. Taking into consideration the asset manager’s robust market position, the latest development could provide a major boost for institutional adoption.
Most recently, as part of the company’s efforts to provide new crypto-related investment opportunities to its customers, Fidelity launched a new ethereum index fund intended for accredited investors. The product’s launch followed the introduction of a number of crypto-oriented products by the company.
"Fidelity Advantage Ether ETF offers secure storage of ether, managed with our in-house services. The ETF allows you to gain exposure to ether and aims to diversify your portfolio with one of the world’s largest cryptocurrencies. Plus, it’s RRSP and TFSA eligible. And because it’s Fidelity, the advantages are all yours," the Canadian firm said in a statement.
ETFs are financial instruments that trade on an exchange like stock but track a specific market or asset, such as Bitcoin (BTC)."Fidelity Advantage Ether ETF Fund is the mutual fund that invests all its assets in the ETF," according to the Canadian asset manager.
Some 72% of American financial advisors would be more likely to invest their customers’ assets in cryptocurrency if a spot crypto ETF was available for purchase in the United States, as shown by an April 2022 survey by the New York-based Nasdaq stock exchange.
The poll,
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