Fidelity is planning a hiring spree to add ether trading and custody services to its cryptocurrency business. “As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our sourcing efforts,” a Fidelity executive explained.
Crypto Loyalty Expansion Services
Fidelity Investments‘ digital asset subsidiary, Fidelity Digital Assets, is expanding its services.
Founded in 2018, Fidelity Digital Assets currently employs around 200 people. The company is looking to fill 110 new positions to focus on assets beyond bitcoin, a Fidelity spokesman told Reuters on Tuesday.
Tom Jessop, President of Fidelity Digital Assets, commented:
As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our sourcing efforts.
According to Fidelity product manager Terrence Dempsey, Fidelity Digital Assets has around 400 clients, including registered investment advisers, hedge funds and asset managers.
Until now, the company has only offered institutional investors the ability to store and trade bitcoins.
Jessop explained that the new hires will help build infrastructure to support ether trading and custody services.
Fidelity’s expansion announcement came as the cryptocurrency market lost nearly $500 billion last month. However, the executive noted that cryptocurrency price declines have not had a significant impact on the company’s business and that the company is focused on long-term indicators such as customer demand. He was quoted by the Wall Street Journal as saying:
We're trying not to focus on crises and focus on some of the longer-term indicators... We're trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.
Last month, Fidelity Investments announced that it was adding bitcoin as an investment option to 401(k) retirement plans.