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- Fidelity Digital Assets will start its ethereum trading and custody services from October 28, 2022.
- The firm has announced its service via sending email to its customers.
The subsidiary of Fidelity Investments, Fidelity Digital Assets informed its customers that it will start offering ethereum trading services from this month. Over the service, the firm stated that “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.”
According to its website, Fidelity Digital Assets is a subsidiary of Fidelity Investments and operates as a separate business dedicated to digital assets. The firm was one of the first traditional financial companies which have formally researched bitcoin and blockchain technology.
October Plan of Fidelity Digital Assets
On October 12, 2022 the firm also shared a tweet in which it added that This month, the firm will explore how crypto mining is getting clear, ether issuance post-merge, and such more news.
Moreover, Fidelity Digital Assets penned that “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.”
Additionally, as per the filing with the U.S. Securities and Exchange Commission that showed that Fidelity seems to launch an investment product known as the Fidelity Ethereum Index Fund on October 4, 2022. Although the new fund is not an exchange-traded fund it is structured as a “traditional limited partnership.”
The recent newsletter of the firm, published on October 17, 2022 titled as “Ethereum: The Basics: The First Programmable Blockchain.” On its official website, the firm provided some quick facts about Ethereum and the applications and tokens that are built on its blockchain.
In the following article, the firm added that “Launched in 2015, Ethereum extended the technology that powers bitcoin to create a blockchain with enhanced functionality. Ethereum allows for the creation of smart contracts (aka computer programs) that automatically execute when predetermined conditions are met.” It must be noted that Smart contracts are the building blocks of decentralized applications and other functions that can be built on the Ethereum Network.
Quick Facts About Ethereum
- Vitalik Buterin and a group of other developers created Ethereum.
- Ethereum uses a proof-of-Stake ( PoS) consensus mechanism.
- There are no hard caps on ether, but there is a burning mechanism to limit supply.
- By switching to proof-of-Stake, Ethereum reduced its energy use by 99%.
- Ethereum is the second largest cryptocurrency by market cap.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
