Fidelity is planning a hiring spree to add ether trading and custody services to its cryptocurrency business. “As demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our hiring efforts,” explained the Fidelity executive.
Fidelity Expands Encryption Services
Fidelity Digital Assets, the digital asset subsidiary of Fidelity Investments, is expanding its services.
Fidelity Digital Assets was established in 2018 and currently employs around 200 people. A Fidelity spokesman told Reuters on Tuesday that the company was looking to fill 110 new positions to focus on assets other than bitcoin.
Tom Jessop, President of Fidelity Digital Assets commented:
As the demand for digital assets continues to grow steadily and the market develops, we will continue to expand our recruitment efforts.
Fidelity Digital Assets has about 400 clients, including registered investment advisors, hedge funds and asset managers, according to Fidelity product manager Terrence Dempsey.
So far, the company has only offered institutional investors the ability to store and trade bitcoin.
Jessop explained that the new hires will help build the infrastructure to support Ethereum’s custody and trading services.
Fidelity’s announcement of the expansion comes as the crypto market has lost nearly $500 billion in the past month. However, the executive noted that the drop in cryptocurrency prices has not had a significant impact on the company’s business, which is focused on long-term metrics such as customer demand. The Wall Street Journal quoted him as saying:
We’re trying not to focus on recessions, but on some long-term indicators… We’re trying to build infrastructure for the future because we measure success in years and decades, not weeks and months.
Last month, Fidelity Investments announced that it had added bitcoin as an investment option for 401(k) retirement plans.
How do you see Fidelity expanding its crypto services to include ether trading and custody? Let us know in the comments section below.
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