Fidelity Digital Assets to Expand Its Workforce amid Surge of Crypto Demand

Fidelity Digital Assets, the cryptocurrency arm of the asset management giant, is seeking to increase its workforce amid the strong demand experienced across its crypto services from institutional customers. According to Bloomberg, the staff could witness a 70% expansion as the firm looks forward to hiring almost 100 workers for the operations in Dublin, Boston and Salt Lake City.

In an interview, Tom Jessop, President of Fidelity Digital Assets, stated that the company aims to develop new products and expand its current crypto offerings beyond Bitcoin (BTC). Also, he added: “[Last year] was a real breakthrough year for the space, given the interest in Bitcoin that accelerated when the pandemic started. We’ve seen more interest in Ether, so we want to be ahead of that demand.”

Fidelity Digital Assets just offers custody, trading, among other services for Bitcoin as of press time. However, the company’s president hinted at the possibility of pushing trading through more cryptos soon. “We want to be at a place where it’s full-time for most of the week,” he said.

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Latest Hiring Maneuvers

The crypto branch of the asset management giant has been active in hiring people to strengthen its service across such a front in the last few months, even since the previous year, despite the coronavirus pandemic. In November 2020, Fidelity Digital Assets initiated a massive recruitment drive to hire more than 20 engineers for the development of its cryptocurrency trading and custody services.

In fact, it helped the company to focus on pushing other crypto-related products in December last year. Since that month, the firm allows its customers to borrow fiat loans against as much as 60% of their bitcoin holdings. The crypto-backed loans are offered in a partnership with New York-based BlockFi, a wealth management platform for crypto investors.

Fidelity Digital Assets only serves institutional investors such as hedge funds, family offices and market intermediaries.

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