Fidelity plans to hire to expand its cryptocurrency trading and custody business. Fidelity’s executive stated that the company will continue to increase its hiring efforts as the market evolves and the demand for digital assets grows.
Fidelity Digital Assets is Fidelity Investments’ digital asset subsidiary. It is currently expanding its services.
Fidelity Digital Assets was founded in 2018 and currently employs around 200 people. A spokesperson for Fidelity said Tuesday that the company is seeking 110 additional positions in order to concentrate on assets other than bitcoin.
Tom Jessop is president of Fidelity digital assets.
We will continue to increase our efforts to hire as the market evolves and the demand for digital assets grows.
Terrence Dempsey (Fidelity’s product manger), stated that Fidelity Digital Assets serves around 400 clients. This includes registered investment advisors, hedge funds and asset managers.
The company offers institutional investors only the ability to trade and store bitcoins.
Jessop stated that the new employees will be building infrastructure to support custody services and trading services for ether.
Fidelity announced its expansion as the crypto market lost nearly $500 billion in the last month. The executive said that crypto price declines have not adversely affected the company’s business, and that the company is focusing on long-term indicators such as client demand. The Wall Street Journal quoted him as saying:
We don’t want to be distracted by the downturns. We try to keep our eyes on the long-term indicators. We are building infrastructure for the future, because success is measured over years and decades and not weeks or months.
Fidelity Investments declaredlast month that it had added bitcoin to its 401(k), retirement plans.