Just-In: Fidelity To Offer ETH Custody, Will Double Crypto Hiring
Fidelity Investments’ subsidiary Fidelity Digital Asset Services plans to double its team as it expands to cryptocurrencies beyond Bitcoin. The company witnesses rising demand for cryptocurrencies amid market volatility. The plan comes after Fidelity Investments in April announced offering a Bitcoin investment option in 401(k) retirement accounts.
Fidelity Digital Asset Plans Hiring Crypto Talents
Fidelity Digital Asset’s president Top Jessop announced hiring 110 tech employees, including engineers, developers, and blockchain experts, reports the Wall Street Journal on May 31. Moreover, the company will recruit 100 customer service professionals to enhance support.
Fidelity Digital Asset aims to offer custody and trading services for other cryptocurrencies, including Ether. The subsidiary was launched in 2018 for Bitcoin storing, securing, and trading. Top Jessop believes crypto adoption continues to grow despite the recent crypto market crash.
“We’re trying not to focus on the downturns and focus on some of the long-term indicators. We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”
Fidelity Digital Asset will migrate data and applications to the cloud in order to offer faster transactions, 24-hour trading, and the best security support. Furthermore, the tech team will work on compliance and tax reporting tools.
According to Dylan Gomez, director and head of software engineering at financial-services recruiter Selby Jennings, the demand for crypto and blockchain-related engineers and developer continues to grow. Moreover, rising competition in the space is influencing higher compensation.
Fidelity Digital Assets has around 400 clients, including registered investment advisers, hedge funds, and asset managers. The interest in crypto among clients has been rising amid crypto adoption by institutions.
Fidelity Investments Confident About the Crypto Future
Fidelity Investments and its subsidiary are confident that support for crypto will increase in the future. The interest of retail and institutional investors indicates growing crypto adoption. Moreover, the announcement of a 20% allocation to 401(k) plans receive massive attention from the crypto community, as well as, the U.S. financial industry.
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