Fidelity Plans Hiring Spree to Expand Crypto Services to Include Ethereum Trading and Custody – Fidelity is preparing a hiring drive to expand its cryptocurrency business with ether trading and custody services. “We will continue to increase our employment efforts as the demand for digital assets continues to gradually develop and the marketplace adapts,” a Fidelity executive revealed.
Fidelity Digital Assets, a subsidiary of Fidelity Investments, is extending its services.
Fidelity Digital Assets, which was founded in 2018, now employs around 200 employees. A Fidelity representative told Reuters on Tuesday that the company is trying to fill 110 new roles to focus on assets other than bitcoin.
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Fidelity Digital Assets president Tom Jessop commented:
“As the demand for digital assets keeps on developing and demand grows, we will continue to increase our hiring efforts.”
Fidelity Digital Assets has around 400 clients, according to Terrence Dempsey, Fidelity’s product manager. These include registered investment advisers, asset managers, and hedge funds.
So far, the firm has only allowed institutional investors to store and trade bitcoin.
The new hires, according to Jessop, will assist in the development of infrastructure to enable ether custody and trading services.
The crypto market has lost about $500 billion over the last month, prompting Fidelity to announce its expansion. However, the executive stated that drops in cryptocurrency prices have had little impact on the firm’s business, and that the company is focusing on long-term indicators such as client demand.
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According to the Wall Street Journal, he said:
“We’re attempting to focus on some of the long-term indications rather than the downturns. We are aiming to construct infrastructure for the future since success is measured in years and decades rather than weeks and months.”
Fidelity Investments said last month that bitcoin is now available as an investment option for 401(k) retirement plans.