Fidelity Plans Major Push In The Digital Assets Sector With 100 New Hires

For its digital assets division, investment manager Fidelity Investments is adding 100 new employees. indicating that the company wants to develop its cryptocurrency business during a weak market.

Bloomberg was the first to report on the hiring process. estimating that by the end of the first quarter of 2023, Fidelity Digital Assets will have roughly 500 people, including the new hiring.

Fidelity is one of the largest investment managers in the world, with over $10.3 trillion in assets under management. However, over the past few years, it has demonstrated a major interest in digital assets. 2018 will see the creation of a digital assets section.

Pro-Crypto movements keep going

Since then, the unit has played a significant institutional role in promoting digital assets. and has been promoting the adoption movement. It began by giving institutional clients access to trading and custody of digital assets.

Fidelity revealed intentions to allow participants in its 401(k) plan to put some of their retirement funds into Bitcoin earlier this year.

However, the Department of Labor and several members of Congress responded angrily to the announcement.

Two exchange-traded funds were also introduced by Fidelity Digital Asset in April to follow businesses operating in the crypto industry and metaverse.

Fidelity increases employees

It is hardly surprising that Fidelity is increasing its workforce in response to the bad market.

The Bloomberg article states that it is expanding its workforce in areas like client services, business development, operations, technology, compliance, marketing, and business development.

A source with knowledge of the choice noted that the appointments would be dispersed throughout the unit’s regional offices in New York, Dublin, Boston, and London.

The organization has a fantastic potential to hire competent experts quickly thanks to the current bear market. Several companies with a focus on cryptocurrencies have been compelled to reduce their staff.

Thousands of workers have been laid off as a result of the insolvency of crypto-focused businesses, albeit some employees have lost their jobs.

Given that more than $2 trillion has been wiped off the market cap since the peak late last year, Fidelity’s choice to hire now also reveals the level of conviction it has in the crypto business.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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