Institutional Demand for Ethereum Rise through the Roof, NYDIG May Offer ETH Custody from Q4 2021
News sources reveal that NYDIG—a Bitcoin-first custodian—has been reportedly offering ETH custody to select clients. It is even despite the provider describing itself as 'Bitcoin-first’.
Reports indicate that this is due to high demand from institutions that are now gravitating, shifting their position to Ethereum due to fundamental considerations.
However, it is not only NYDIG. Fidelity Digital Assets is now expanding its product offerings to include providing custody for ETH as more of its hedge fund clients ask them to. In 2019, Tom Jessop said they had done a lot of work on Ethereum. Nonetheless, they have only been offering Bitcoin custody since.
Data extracted from Coinbase—one of the world's largest spot exchanges—indicates that ETH trading volumes topped BTC for the first time. In addition, supporters of the coin believe its scarcity will exceed Bitcoin's and gold's due to burning—implemented via the recently activated London Upgrade—making its ultra-sound money.
As of August 13, over $102 million of ETH had beenburned
—or removed from circulation-- less than ten days after EIP-1559 went live.
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