March 4, 2024

Fidelity will start supporting Ethereum in 2020

Fidelity will start supporting Ethereum in 2020

During a recent podcast, Fidelity Digital Assets CEO Tom Jessup said the firm could beginsupport Ethereum from 2020, as there is demand for this asset among institutional investors.

The firm currently only supports Bitcoin – the most popular digital asset with the largest market capitalization.  

Some analysts note that the lack ofSupport for other large digital assets does not allow Fidelity Digital Assets to become a major player in the cryptocurrency market. If the list of supported assets expands, the company may become a significant competitor to popular custodian companies such as Coinbase or BitGo.

Fidelity Digital Assets was founded in the early2019 by Fidelity Investments – one of the world's largest financial services providers with more than 70 years of experience and more than $7 trillion in assets under management. 

The company first showed interest in cryptocurrenciesback in 2014. In 2015, Fidelity organized a charity donation service that hosted the PTS. And in 2019, the company entered the digital asset services market.

New York State Department of Financial Serviceshas assigned Fidelity Digital Asset Services the status of a New York trust company. Now Fidelity Digital Assets can officially offer a platform through which institutional and private investors can buy, store, sell and transfer bitcoins.