By
Steve Muchoki
May 6th, 2024
The company’s official website has been offering its visitors market information about Ethereum. In the same way, it began with Bitcoin back in 2014, BTC was later introduced as a trading instrument to its institutional investors.
Fidelity Investments, an American multinational financial services corporation, is reportedly planning to start Ethereum (ETH) trading services, with similar capabilities as Bitcoin trading, on October 28, 2022. The move confirms analysts’ forecast of Ethererum gaining more institutional traction beyond the Merge.
Furthermore, it is much easier to become an Ethererum validator than before. Currently, one is required to lock 32 ETH to become a network validator. Otherwise, Ethereum miners were required to constantly update their mining rigs to catch up with astronomical difficulty. As such, Ethererum, after the Merge, is very attractive to retail traders, institutional, and also developers.
“Investors will be able to buy, sell and transfer ether, to access the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments today,” Fidelity noted. “With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” the company added.
According to our market data, Ethererum’s price is trading at $1,292.51, approximately 66.7 percent down in the past year. The ETH network has a market capitalization of $155,800,566,238, with the 24-hour trading volume at $8,189,134,820.
Fidelity Widens Crypto Net on Institutional Investors with Ethereum
In 2019, the New York State Department of Financial Services (DFS) granted a charter under New York Banking Law to Fidelity Digital Asset Services, LLC (FDAS), to operate as a limited liability trust company. Consequently, Fidelity Digital Asset Services has been marketing itself as the institutional standard for digital assets.
The company’s official website has been offering its visitors market information about Ethereum. In the same way, it began with Bitcoin back in 2014, BTC was later introduced as a trading instrument to its institutional investors.
Increased cryptocurrency regulations have leveled the ground for more institutional investors to enter the market. The United States, Congress, and the White House have been at the forefront of cryptocurrency and blockchain regulations.
As such, confidence in the top and reliable blockchains has been instilled over the past few months.
The DeFi ecosystem and the Play-to-Earn have led in cash inflows for the past year. Furthermore, they have demonstrated immense potential to disrupt both the blockchain and traditional finance sectors.
As the second most valuable blockchain by market capitalization, the Ethereum network has heavily invested in the smart contract ecosystem. According to market data provided by DefiLlama, Ethererum has $30.36 billion in total value locked.
The Ethereum network has approximately 585 DeFi protocols, all running on Eth. The closest competitor is Binance Smart Chain, with 487 DeFi protocols. However, the Binance network has lost significant traction compared to Ethererum after the recent attack, which resulted in over $100 million loss.