Fidelity hires more employees due to the surging crypto interest and now the company pushes for a 70% increase in personnel for its digital asset branch as we are reading more in our latest cryptocurrency news today.
The Digital branch of financial services giant Fidelity Investments is working towards boosting the personnel by 70% due to the rising institutional demand for crypto. In an interview a few days ago, the President of fidelity digital Assets Tom Jessop said that apart from family offices and hedge funds, corporate treasuries and retirements funds are looking to get exposed to crypto. As a result of the growing demand, the company is looking to hire about 100 new employees that could see its staff strength rise by about 70%. The new workers would be deployed to Salt Lake City, Boston, and Dublin. Also, the employees will assist in developing new products and expand beyond BTC as well as other assets.
While Fidelity Digital offers custody and trading services for BTC, Jessop said that the company showed increasing interest in Ether which eventually led to an increase in the size of the workforce. While Fidelity Digital only offers custody and trading services for BTC, Jessop stated that the company saw an increase in ether and led to an increase in the size of the workers as well. Another reason for the expansion is that Fidelity intends to operate cryptocurrency trading on a full-time basis with the branch’s president saying that they need a better place where it is full-time for most of the week. Jessop said:
“Bitcoin has been the entry for a lot of institutions. It’s now really opening up a window on what else is going on in the space. A big shift is in the diversity of interest from new and existing customers.”
Despite the current market tumble, institutional appetite for crypto remains unabated with the participants saying that the current period is great for consolidation and growth which is why Fidelity hires more employees. Back in May, the company said that a long-only strategy was profitable for most funds, and a survey hedge fund manager showed that 98% of them are looking to boost their crypto portfolio allocation to 7.2% in the next five years.
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