Ethereum

Ethereum Will Soon Be Available Through One Of The World’s Largest Asset Management Companies

Fidelity, one of the largest asset management companies in the world, will offer Ethereum trading and custody.

Ethereum will appear at Fidelity

Fidelity is planning to offer services for the custody and trading of Ethereum and other cryptocurrencies, according to a new report by the Wall Street Journal.

The report stated that Fidelity Digital Asset Services LLC, a Fidelity Investments subsidiary, was looking to hire 110 tech workers with blockchain expertise, including developers and engineers, and 100 customer-service specialists. These new hires are expected to help build out the infrastructure needed to support Ethereum services.

Fidelity Investments is a U.S. company and the fourth-largest asset manager worldwide, with over $4.5 trillion in assets under management. Fidelity Digital Assets was founded in 2018 to provide custody and trading services for Bitcoin.

Fidelity Digital Assets will also be transferring platform data and applications to the cloud in order to provide faster transactions, 24/7 trading support, and institutional-grade security. The entity will moreover be building compliance and tax-reporting tools.

Asked to comment on the recent market downturn triggered by the Terra protocol’s collapse, Fidelity Digital Assets President Tom Jessup told the WSJ that they were trying to “focus on some of the long-term indicators,” such as client demand. “We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months,” Jessop further stated.

The report comes a month after Fidelity Investments announced they would be offering investors the option of including Bitcoin in their 401(k) retirement accounts, with a maximum allocation of 20%. The plan was met with skepticism from the U.S. Labor Department, which warned of the speculative nature and regulatory risks associated with Bitcoin. Fidelity responded by noting the sheer demand growth for digital assets exposure throughout various demographics.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News

Victor

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

40 mins ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

55 mins ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

55 mins ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

1 hour ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

3 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.