The financial services company Fidelity Investments may well seem to be beefing up its digital assets collective since it’s pretty much noticeable that the cryptocurrency space has seen a plethora of investors, financial advisers, and family offices jump into the hype train. It looks like the firm doesn’t want to be left out of this digital currency revolution.
Fidelity is on a hiring spree
For the uninitiated, Fidelity gives institutional services from digital coin custody to trade execution. Recent reports are suggestive that the firm is eyeing to ramp up its digital asset employees by 70 percent by the end of 2021. The reason behind such a move is the company’s filed paperwork last month with the United States Securities and Exchange Commission to introduce a bitcoin (BTC) investment fund.
These jobs – in combination with the thousands that were made known earlier this year – will eventually surge their hiring by twofold by year-end in comparison to 2020, which saw an increase of 7,200 jobs, and five-fold as compared to 2017. These mass hirings come at a time when the financial firm continues to see impressive growth records paired with business results across its businesses.
Fidelity CEO speaks
Fidelity Investments Chairman and CEO Abigail P. Johnson said that the firm continues to achieve strong growth and results for its 38 million customers due to the efforts and commitment of its associates. She added that their financial strength and stability allow them to make significant investments within their business and create value for the people that they’re privileged to serve.
It is said that Fidelity’s hiring process is across all job functions, as it is pretty much specific towards client-facing positions (44 percent) and technology (9 percent). Additionally, it will facilitate the creation of new products such as Fidelity’s Youth Account, and digital asset capabilities, like enhancing the digital asset trading experience.
Fidelity’s Head of Human Resources Bill Ackerman said that caring about the well-being of customers is at their core adding that they are on the lookout for folks who share the same passion as they are.
Fidelity purchasing stake
Meanwhile, back in July, Fidelity Investments purchased a 7.4 percent stake worth $20 million in Marathon Digital Holdings. For those who might know, Marathon is just one of the massive bitcoin miners that operate in North America, across four broad index-based funds, Fidelity Extended Market Index Fund (FSMAX), Fidelity Series Total Market Index Fund (FCFMX), Fidelity Total Market Index Fund (FSKAX), and Fidelity Nasdaq Composite Index Fund (FNCFX).
With that in mind, this is an indication of a growing trend among institutions and individual investors of gaining exposure to cryptocurrencies through either traditional equity or debt securities.