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- Fidelity, one of the biggest investment organizations, is strategizing to provide trading as well as custodian services for Ethereum.
- Its Virtual asset subsidiary is hiring over 200 folks to develop out the framework required to offer safe exposure to ETH network.
- The statement comes after Fidelity Investments made the announcement that they would be offering the investors an alternate of allocating up to 20% of their retirement plans into Bitcoin.
After Bitcoin, It’s Time For Ethereum
Fidelity is strategizing to offer facilities for trading and custody of Ethereum and other crypto assets as per a report by WSJ.
As per the report, Fidelity Digital Asset Services LLC, a subsidiary of Fidelity investments, is seeking 110 technical workers having a keen knowledge of blockchain for hiring, involving engineers and developers, and 100 client specialists.
These latest hires are expected to assist in developing infrastructure required to support Ethereum network.
Fidelity Investments is a United States based organization and the 4th biggest asset manager all over the globe, with more than $4.5 billion of assets under management.
Fidelity investment was discovered during 2018, to offer custody as well as trading services for Bitcoin.
Fidelity Digital Assets will also be mobilizing platform data as well as applications to the cloud to offer quick transactions, 24*7 trading assistance, and institutional grade security.
The entity will further build tax reporting and compliance tools.
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When asked to give a comment on recent market bloodbath triggered by the collapse of Terra, Tom Jessup, president of Fidelity Digital Assets told The Wall Street Journal that they are trying to concentrate on a ew long term indicators, like demand of clients.
He further said that they are trying to develop a framework for the future because they measure success over years and decades, not just weeks and months.
The report comes after Fidelity Investments made an announcement that they would be providing an option to involve bitcoin to their 401(k) retirement accounts, with a 20% max allocation.
This strategy remained skeptical from US Labor Department, which alerted of the speculative nature and legal threats linked with BTC.
Fidelity reacted by noting the sharp growth in demand for virtual assets exposure throughput several demographics.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
