Support for Ethereum by Fidelity Digital Assets will have to wait, FDAS president

Support for Ethereum on the newly launched custody and crypto trading arm of Fidelity Investments, Fidelity Digital Services, has been postponed to a later date.

In the past, Fidelity Digital Assets’ president noted that support for Ethereum was among the first it was looking to enable on their platform. But, while speaking to Coindesk, Tom Jessop, the president of Fidelity Digital Assets, has noted that this will have to wait until the planned Ethereum hard fork takes place

We’re currently supporting Bitcoin, we have designed to support other coins over the balance of the year center to various criteria including our [in-house selection framework], where we obviously look… at client demand and other things. The internal framework considers if there are any peculiarities about the protocol.

The framework also looks at other factors that may make it impossible to launch or support a coin on the Fidelity Digital Assets platform.

Although Jessop said that the Fidelity Digital Assets platform will be guided by the market capitalization of a coin before being listed, he added that they will not list every coin with high market capitalization.

Jessop said:

We’d love to have support for ethereum but you know you have a hard fork coming up and some upgrades, so I think we’re trying to see how those things work out before we make a decision to put them on the platform.

Apart from postponing support for Ethereum, Tom said other cryptocurrencies like Ethereum Classic will “require an in-depth risk assessment” after it recently suffered a 51% attack.  The FDAS president added that the platform is keen on covering a huge chunk of its market in the United States before the end of this year.

Do you think the FDAS’ support for Ethereum will take time considering that the hard fork and other upgrades may happen later in 2019

Let us know your thoughts in the comments section below.

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