Fidelity is planning a wave of hiring in its crypto branch

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

Fidelity continues to lead the charge in crypto investing

A company spokesperson told Reuters on June 1 that the arm, which currently has nearly 200 employees, recently confirmed it was “looking to fill 210 new positions in customer services, technology and operations that will also focus on assets other than bitcoin.”

Tom Jessup, president of Fidelity Digital, confirmed the news, explaining that:

As the demand for digital assets continues to grow steadily and the market develops, we will continue to expand our recruitment efforts. »

It should be noted that the recent wave of hiring appears to be part of the company’s efforts to jump on the Web 3.0 bandwagon and ramp up the adoption of cryptocurrency in its operations. The fund had also “predicted” another country’s adoption of bitcoin, saying in January that “it wouldn’t be surprising to see other countries get bitcoin in 2022.”

Find Fidelity’s crypto offers here.

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Offer more complete encryption than ever before

Fidelity Digital Assets’ planned expansion comes after Fidelity Investments said in April that it would allow savers to put bitcoin into their 401(k) accounts later this year, becoming the first major provider of retirement plans to do so. This, however, created strong tensions with the US Department of Labor.

But Fidelity doesn’t stop there, the investment fund actually launched last February two ETFs on Web 3.0, one specializing in the metaverse and the other in cryptocurrency. With companies that are not crypto in particular, but provide equipment to companies in the Web 3.0 sector.

This isn’t surprising when you consider that the fund that manages more than $4 trillion has said it believes bitcoin will never be old.

Fidelity still believes in cryptocurrency despite alcohol market

Jessup said the team will also migrate the platform’s data and applications to the cloud to enable faster transactions, support round-the-clock trading, and ensure that the platform continues to deliver enterprise security as it grows. In addition, the team You will work on tax compliance and reporting tools “, he added.

Despite market turmoil, including a sharp drop in cryptocurrency prices in recent weeks, Fidelity Digital Assets says it plans to continue investing in the technology that supports it.tradeof cryptocurrencies.

We try not to go into downturns and focus on some long-term indicatorsAnd theas customer requestMr. Jessup said. “We try to build infrastructure for the future, because we measure success over years and decades, not weeks and months.. »

Fidelity is showing in this bear market that its investments are thoughtful and have a long-term goal. It is important to analyze the work of this type of traditional financial giant because, unlike some economists who do not have a working understanding of investing, Fidelity knows very well what its clients are looking for and understands the importance of the situation yourself in the long run.

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Alexis Patten

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

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