Crypto: Fidelity hires and adds Ethereum to its services

Believe in blockchain! – Fidelity Digital Assets, a subsidiary of Fidelity Investments, plans to double its workforce. In fact, the company will recruit more than 200 additional employees at the end of the year. New recruits include engineers and developers blockchain. Everyone will work to build the necessary infrastructure to support cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The statement comes a month after Fidelity Investments announced it would offer investors the ability to allocate up to 20% of their pension plans in Bitcoin.

A new team to manage Ethereum at Fidelity

According to a new report from the Wall Street Journal, Fidelity plans to offer trading services forEthereum and other cryptocurrencies. In fact, the report states that Fidelity Digital Asset Services, the subsidiary of Fidelity Investments, is looking to hire 110 technicians with blockchain expertise. These include developers and engineers. The company also plans to hire 100 specialists for its customer service. These new hires are expected to help build the infrastructure needed to support Ethereum’s services.

Fidelity Digital Assets will also transfer data and applications from the platform to its cloud. The goal ? Offer faster transactions, 24/7 sales support and institutional security. The unit will also build tools for compliance with tax rules and reporting.

Fidelity plans to offer trading services for Ethereum.

“We are not trying to focus on downturns and focus on some long-term metrics. We are also trying to build infrastructure for the future because we are measuring success over years and decades, not weeks and months.”

Tom Jessop, President of Fidelity Digital Assets

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Despite the bear market in excellent shape

Fidelity Investments is a US company and the fourth largest asset manager in the world. The company manages over $ 4 trillion in assets. Fidelity Digital Assets has been around since 2018 and provides, among other things, trading services Bitcoin.

Fidelity’s aggressive expansion defies the general bearish trend in the cryptocurrency market. According to the president of Fidelity Digital Assets, the effects of market volatility on the company was minimal. The only consequence would be that the pace of influx of new customers has slowed down a bit.

Fidelity seems immune to the whims of the crypto market and attracts institutional customers
The effects of market volatility were minimal for Fidelity

Nevertheless, Fidelity’s digital asset arm currently has about 400 institutional clients. Of course, there are investment advisers, hedge funds, pension funds and asset managers. The demand for new products, especially in digital assets, has increased significantly over the past year. Fidelity wastes no time giving them to its customers and investors.

This decision is in line with the company’s efforts to diversify its offering. In April, Fidelity Investments announced its desire to offer investors the opportunityinclude Bitcoin in their 401 (k) retirement accounts, with a maximum allocation of 20%. This plan was met with skepticism by the US Department of Labor, which warned about the speculative nature and regulatory risks associated with bitcoin. We know that the United States does not like the principle of including cryptocurrencies in pension schemes.

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