A subsidiary of Fidelity Investments, launched a few years ago to enable institutional investors to store and trade bitcoin (BTC), plans to double its workforce this year. She expects demand for cryptocurrencies to rise amid volatile markets.
Fidelity continues to lead the way in crypto investments
This arm, which currently has nearly 200 employees, recently confirmed that it “seeks to fill 210 new positions in customer service, technology and operations that will also focus on non-bitcoin assets,” a company spokesman told Reuters on June 1.
Fidelity Digital President Tom Jessop 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 hires seems to be part of the company’s efforts to jump on the Web 3.0 bandwagon and increase cryptocurrency adoption within its operations. The fund had also “predicted” bitcoin adoption by another country, saying in January that it “would not be surprised to see other states acquire bitcoin in 2022.”
Find Fidelity’s crypto offer here.
An increasingly complete crypto offering
Fidelity Digital Assets’ planned expansion comes after Fidelity Investments said in April that it would allow savers to place bitcoin on their 401 (k) accounts later in the year and become the first major provider of pension schemes to do so. However, this created strong tensions with the US Department of Labor.
But Fidelity does not stop there, already in February last year, the investment fund launched two ETFs on Web 3.0, one specializing in metaverse and the other in cryptocurrency. At especially non-crypto companies, but which supply equipment to companies in the Web 3.0 sector.
It’s no surprise when you consider that the fund, which manages over $ 4 trillion, said it thought bitcoin would never be obsolete.
Fidelity continues to believe in crypto despite bear market
The team will also migrate the platform’s data and applications to the cloud to enable faster transactions and trading support around the clock, ensuring that the platform continues to offer institutional quality security to anyone as it grows, Jessop said. In addition, the team will work with tax compliance and reporting tools “, he added.
Despite market turmoil, including a sharp drop in cryptocurrency prices in recent weeks, Fidelity Digital Assets said they plan to continue investing in the technology that supportstradeof cryptocurrencies.
“We do not try to dwell on downturns and focus on some of the long-term indicators,such as customer requestsaid Mr. Jessop. “We try to build an infrastructure for the future because we measure success over years and decades, not weeks and months.. »
Fidelity shows in this bear market that its investments are well thought out 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 practical understanding of investing, Fidelity knows well what its clients are looking for and understands the importance of positioning itself in the long run. sigt.
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Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trading for 4 years.