Ethereum (ETH), received significant support with the ‘The Merge’ update. Switching from proof-of-work to proof-of-stake blockchain has been the highlight of this year. Demand for ETH increased and its adoption rate strengthened.
Koinfinans.com According to the news we have previously reported, Fidelity announced the ‘Ethereum Index Fund’ at the beginning of this month. In the new announcement, it can be seen that the interest has increased. Fidelity has launched custody and trading services for its clients.
Enterprise Service for Ethereum Launches Oct 28
fidelityIn the e-mail sent to its corporate customers, it was reported that the service will start on October 28th. Fidelity underlined that it will offer these services, which it already offers for Bitcoin, to Ethereum with the same quality.
Ethereum Merge, one of the most anticipated developments of 2022, was successfully completed and increased interest. This update has managed to attract many investors. The thought is also included in Fidelity’s e-mail.
“Ethereum Merge is complete and many investors are starting to look at Ethereum through a new lens.”
It’s quite important to note that Fidelity made the first sale of its ETH Index fund on September 26. The company announced that it has raised more than $5 million in a short time. The performance of this fund probably gave wealth management the reassurance it needed to launch its newest project.
Bitcoin is already very valuable in the firm. Even their approach to Bitcoin is very different. The company is likely to have the same feelings about the second-largest cryptocurrency as it includes Ethereum in its crypto arm.
ETH Price Action
Ethereum has been facing mild volatility throughout the week. After recovering from its drop to the $1,200 region, ETH has witnessed a series of ups and downs. At the time of writing, ETH was trading at $1,291, down 0.41 percent daily.
Additionally, the altcoin managed to hit $1,306 earlier today. With Fidelity’s latest announcement, an increase in Ethereum price is likely. However, macroeconomic developments will also affect the price movement.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.