Fidelity is adding to its suite of crypto offerings for institutions by making Ethereum trading available on its digital assets platform.

In a memo sent to clients earlier yesterday, Fidelity said it will launch institutional Ethereum trading capabilities on Oct. 28, 2022. Investors will be able to buy, sell and transfer ETH through Fidelity’s platform.

The move comes after Fidelity introduced an Ethereum Index Fund for its clients to gain exposure to the second-largest cryptocurrency by market cap. Since its launch on Sept. 26, the fund has raised $5 million from institutional investors.

Fidelity first began offering crypto custody for institutions in 2018 using technology repurposed from other parts of its business – the first offering consisted of a Bitcoin-trading business for hedge funds and institutional investors.

The firm also offers two commission free exchange traded funds – a Fidelity Crypto Industry and Digital Payments ETF and a Fidelity Metaverse ETF.

Last month, the Wall Street Journal reported that Fidelity was considering offering Bitcoin to its retail customers on its brokerage platform.

There has been a steady increase in the institutional focus on cryptocurrencies over the years. According to Coinbase’s senior advisor John D’Agostino, institutions aren’t phased by the switching costs associated with adding new assets.

In a recent interview with SALT, D’Agostino said that while institutional adoption of crypto may seem like it was moving at a glacial pace to those who have seen the last bull market, in his view, it is actually moving fast.