Fidelity's crypto arm goes on a talent hunting spree; to expand st…

Fidelity Digital Assets, the crypto subsidiary of Fidelity Investments to hire 100 new employees this year
The asset management firm’s announcement comes amid rising institutional interest in cryptocurrencies
The new staff will be responsible for developing offerings beyond Bitcoin
Fidelity plans to offer 24/7/365 crypto trading

JAIPUR (Coinchapter.com) – Fidelity Digital Assets has sensed surging demand for crypto investment services amongst the institutional crowd. Therefore, the cryptocurrency subsidiary of Fidelity has decided to expand its workforce to address the growing need better.

As per a report compiled by Bloomberg, the firm plans to bump up its headcount by around 70%. This, the company said, translates to an addition of nearly 100 employees to tackle the rising institutional demand for crypto services. The recruits will be deployed at offices located in Salt Lake City, Boston, and Dublin.

This year, we’ll be adding nearly 100 new employees to support our growing business.

Check out our current job openings. More coming soon!https://t.co/s24sEg7X5P https://t.co/byid9xqH5n
— Fidelity Digital Assets (@DigitalAssets) July 12, 2021

On its official Twitter handle, Fidelity Digital Assets called interested candidates to look at the current job openings while keeping an eye out for future updates.

Beyond Bitcoin

One of the reasons to increase human resources, as Head of Fidelity Digital Assets Tom Jessop quoted, is the need to go beyond Bitcoin in offerings. “We’ve seen more interest in ether, so we want to be ahead of that demand,” said Jessop.

Tom Jessop’s statement comes amid a gradual warming up of the traditional financial services industry towards Bitcoin and other crypto assets.

Also Read: German institutional investors can now invest in bitcoin and crypto markets

Especially Ether (ETH), Ethereum’s native cryptocurrency. Primarily due to reasons of the largest smart contract hosting blockchain network undergoing a critical technical upgrade.

Also Read: Institutions love for Ethereum grows ahead of milestone network upgrade

Also, ETH deposits on crypto exchanges have depleted significantly. So Fidelity wants to capitalize on this bullish demand for the world’s second-largest cryptocurrency through its ETH offerings.

Fidelity Going The 24/7/265 Crypto Way

Diversifying Fidelity’s institutional crypto investment offerings would be the most prominent task that the incoming staff has to deal with. But apart from this, the new hires would be responsible for enabling the firm to offer Bitcoin and crypto trading facilities 24/7/365, similar to how crypto markets trade throughout the week and year without breaks.

Traditional markets on Wall Street operate from Monday to Friday (9.30 am to 4 pm) and are shut during the weekends. However, Jessop says Fidelity intends to offer crypto trading “full time for most of the week.”

The Fidelity Digital Assets boss called for the evolution of institutional crypto offerings beyond hedge funds and family offices. Jessop pointed out that retirement funds, advisors, and investment management firms are exploring offering some form of exposure to crypto assets to their clients.