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Fidelity plans to expand hiring to add ether trading and custody services to its cryptocurrency business.” As the demand for digital assets continues to steadily increase and the market evolves, we will expand our hiring efforts.” explained a Fidelity executive.
Fidelity Expands Crypto Services
Fidelity Investments’ digital assets subsidiary, Fidelity Digital Assets, is expanding its services.
Founded in 2018, Fidelity Digital Assets currently employs about 200 people. The company is hiring 110 new positions to focus on assets other than bitcoin, a Fidelity spokesperson told Reuters on Tuesday.
Tom Jessop, president of Fidelity Digital Assets, commented:
We will continue to expand our recruitment efforts as the demand for digital assets continues to steadily increase and the market evolves.
According to Terrence Dempsey, product manager at Fidelity, Fidelity Digital Assets has about 400 clients, including registered investment advisors, hedge funds, and asset managers.
So far, the company only provides institutional investors with bitcoin storage and trading capabilities.
Jessop explained that the new hires will help Ether build infrastructure to support its storage and trading services.
Fidelity’s expansion announcement came at a time when the crypto market has lost about $500 billion over the past month. But the executive noted that the drop in crypto prices has not had a significant impact on the company’s business and that the company is focused on longer-term metrics, such as customer demand. He said, as quoted by the Wall Street Journal.
We are trying to focus less on the downturn and more on some long-term indicators… We are trying to build an infrastructure for the future because we measure success over years and decades, not weeks and months.
Last month, Fidelity Investments announced the addition of bitcoin as an investment option for 401(k) retirement plans.
Image credit: Shutterstock, Pixabay, Wiki Commons
