Fidelity Digital Assets Goes To Add Ethereum Support In 2020
Fidelity Digital Assets (FDAS) may add support for Ethereum if there is sufficient demand from customers, Tom Jessop, head of financial company, told The Block.
When asked if the company plans to add Ethereum support to its custodian service, Jessop said that they “did a lot of work” in this direction..
FDAS was launched in early 2019 and offers cryptocurrency storage and exchange services for institutional investors and traders. Until that time, the company worked only with bitcoin, which does not allow it to fully compete with firms such as Coinbase and BitGo.
Ethereum’s relative newness is hindering the spread of cryptocurrency among institutional investors, Jessop said. Since bitcoin has been on the market longer than other digital assets, large players are more willing to place their capital in it. This same fact kept FDAS from adding support for Ethereum..
“How do I know that if I buy this asset today, I will find it tomorrow? What conclusions can be drawn about the durability and capital of an asset, based on the fact that it has existed for 10 years? ” – added Jessop.
In November, FDAS received a trust license from New York regulators to provide cryptocurrency custody services to local customers. She was also selected as the custodian of the assets of two new Bitcoin funds of the Galaxy Digital company..
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