Fidelity plans a wave of hires in its crypto branch

A subsidiary of Fidelity Investments, launched a few years ago to allow institutional investors to store and trade bitcoin (BTC), plans to double its workforce this year. She expects demand for cryptocurrencies to rise amid volatile markets.

Fidelity Continues to Lead in Crypto Investments

This branch, which currently has nearly 200 employees, recently confirmed it is “seeking 210 new positions in customer service, technology and operations that will also focus on non-bitcoin assets,” a company spokesperson said on Monday. June against Reuters.

Fidelity Digital President Tom Jessop confirmed the news, explaining that:

As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our recruiting efforts† †

It should be noted that the recent wave of hires appears to be part of the company’s efforts to jump on the Web 3.0 train and ramp up cryptocurrency adoption within its business. The fund had also “predicted” another country’s adoption of bitcoin, saying in January it “would not be surprised if other states acquire bitcoin in 2022.”

Find Fidelity’s crypto offerings here.

Fidelity Investments sign
Photo by wolterke on Deposit Photos

An increasingly complete crypto offer

The planned expansion of Fidelity Digital Assets comes after Fidelity Investments said in April it would allow savers to place bitcoin in their 401(k) accounts later this year, making them the first major retirement plan provider to do so. . However, this created strong tensions with the US Department of Labor.

But Fidelity doesn’t stop there, last February the investment fund already launched two ETFs on Web 3.0, one specializing in the metaverse and the other in cryptocurrency. Notably non-crypto companies, but supplying equipment to companies in the Web 3.0 sector.

That’s no surprise when you consider that the fund that manages more than $4 trillion said it believed bitcoin would never be obsolete.

Fidelity continues to believe in crypto despite the bear market

The team will also migrate the platform’s data and applications to the cloud to enable faster transactions and round-the-clock trading support, as well as ensure the platform continues to provide institutional security as it grows, Jessop said. In addition, the team has working on tax compliance and reporting tools he added.

Despite market turmoil, including a sharp drop in cryptocurrency prices in recent weeks, Fidelity Digital Assets said it plans to continue investing in the technology underlying thetradeof cryptocurrencies.

We’re trying not to dwell on the downturn and focus on some of the long-term indicatorsas customers’ request:said Mr. Jessop. †We’re trying to build an infrastructure for the future because we measure success over years and decades, not weeks and months.† †

Fidelity shows in this bear market that its investments are thoughtful and have a long-term objective. It is important to analyze the work of these types of traditional financial giants because, unlike some economists who have no working knowledge of investing, Fidelity knows very well what its clients are looking for and understands the importance of positioning itself for the long term.

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Alexis Patin

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto trader for 4 years.

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