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- To meet the expanding needs of institutional investors, Fidelity Digital plans to hire 100 extra people for its crypto company
- At least 100 people will be added to the staff, which will be stationed in Salt Lake City, Boston, and Dublin, according to reports
- The crypto market, unlike traditional trading, is open 24 hours a day, seven days a week
Fidelity Digital Assets, the asset management giant’s cryptocurrency unit, is looking to expand its employees due to high demand from institutional customers for its crypto services. According to Bloomberg, the firm plans to hire around 100 people for its operations in Dublin, Boston, and Salt Lake City, resulting in a 70 percent increase in the workforce.
Double Down on Fidelity Digital
According to the report, Fidelity Digital Assets president Tom Jessop expressly mentioned Ether as a high-interest asset in an interview. Given the excitement in Bitcoin when the epidemic began, Jessop believes 2020 will be a watershed moment for the industry. He went on to say that the company has seen increased interest in Ether and that they want to get ahead of that demand.
Currently, the digital division only offers Bitcoin custody, trading, and a few other services; however, the asset list is expected to grow, and Jessop mentioned the firm’s intention to offer crypto trading full-time for most of the week. Fidelity Investments is a Boston-based company that manages approximately $10 trillion in assets. The Fidelity Digital team’s expansion is expected to result in the hiring of up to 100 people in Boston, Salt Lake City, and Dublin. The hiring drive follows a November expansion late last year that added more than twenty engineers to the division’s trading and custody services development team.
Fidelity has applied for a Bitcoin ETF and announced Sherlock, an analytical tool for institutional investors in digital assets, just in the first half of this year. BlockFi, a powerful investment firm, has partnered with the powerhouse investment firm to allow institutional customers to use Bitcoin as collateral for cash loans. Fidelity has also made investments in companies like Circle, the creator of the USDC stablecoin. The circle is about to go public in a SPAC offering that will value the company at roughly $4.5 billion. Meanwhile, the firm has collaborated with UK-based broker TP ICAP and Zodia Custody to develop a crypto trading platform outside of the United States.
Banking Institutional Integration with Cryptocurrencies
In recent weeks and months, financial institutions such as banks and credit cards have continued to make headlines by expanding their cryptocurrency activities. Only last week, Swiss bank Sygnum announced the introduction of Ethereum 2.0 staking, Visa claimed over $1 billion in crypto-card spending so far this year, and a Ukrainian bank revealed the launch of a Bitcoin trading feature.
Venture capital firms, as well as crypto-dedicated firms, continue to pump money into the crypto market. BTC has been the horse and carriage for Fidelity Digital Assets service offerings, but as consumers’ digital asset demands vary, that could change shortly.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
