Crypto: Fidelity Enlists Ethereum and Adds It To Its Services

Loyal to the blockchain! – Fidelity Digital Assets, a subsidiary of Fidelity Investments, plans to double its workforce. In fact, the company will hire more than 200 additional employees at the end of the year. New recruits including engineers and developers blockchain† Everything will work to build the infrastructure needed to support crypto assets such as Bitcoin (BTC) and Ethereum (ETH). The statement comes a month after Fidelity Investments announced it wanted to offer investors the ability to allocate up to 20% of their retirement plans in Bitcoin

A new team to manage Ethereum at Fidelity

According to a new report from the Wall Street Journal, Fidelity plans to offer trading services for:Ethereum and other cryptocurrencies. Indeed, the report states that Fidelity Digital Asset Services, the subsidiary of Fidelity Investments, is looking to hire 110 technicians with blockchain expertise. These include developers and engineers† The company also plans to hire 100 specialists for its customer service. These new hires are expected to help build the infrastructure needed to support Ethereum’s services.

Fidelity Digital Assets will also transfer data and applications from the platform to the cloud. The target ? Offer faster transactions, 24/7 sales support and institutional-grade security. The entity will also develop tax compliance and reporting tools.

Fidelity plans to offer trading services for Ethereum.

“We’re not trying to focus on downturns and focusing on some long-term metrics. We’re also trying to build infrastructure for the future, because we measure success over years and decades, not weeks and months.”

Tom Jessop, president of Fidelity Digital Assets

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Brave the bear market brilliantly

Fidelity Investments is an American company and the fourth largest asset manager in the world. The company manages over $4 trillion in assets† Fidelity Digital Assets was founded in 2018 and provides trading services for: Bitcoin

Fidelity’s aggressive expansion is defying the general bearish trend in the cryptocurrency market. According to the president of Fidelity Digital Assets, the effects of market volatility on the farm were minimal. The only consequence would be that the pace of new customer acquisition has slowed down slightly.

Fidelity Seems Immune to the Whims of the Crypto Market, Attracting Institutional Clients
The effects of market volatility were minimal for Fidelity

Nevertheless, Fidelity’s digital asset arm currently has: approximately 400 institutional clients† Of course this also includes investment advisors, hedge funds, pension funds and asset managers. The demand for new products, especially in the field of digital assets, has increased significantly in the past year. Fidelity wastes no time providing them to its customers and investors.

This decision is in line with the company’s efforts to diversify its offering. Fidelity Investments announced in April that it will offer investors the ability to:Withdrawing Bitcoin into their 401(k) retirement accounts, with a maximum allocation of 20%. This plan was met with skepticism by the US Department of Labor, which warned of the speculative nature and regulatory risks associated with bitcoin. We know the US doesn’t like the principle of including cryptos in retirement plans

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