This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

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 been

burned

—or removed from circulation-- less than ten days after EIP-1559 went live.


For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020