Fidelity Digital Assets (FDA) targets about 100 more workers as investors look to cryptocurrencies beyond Bitcoin

Fidelity Digital Assets (FDA), a crypto-focused arm of U.S. mutual fund giant Fidelity Investments, aims to hire around 100 employees and increase its headcount to around 70% as institutional investors increasingly invest in cryptocurrencies other than Bitcoin).

Fidelity Digital Assets (FDA) targets about 100 more workers as investors look to cryptocurrencies beyond Bitcoin

Amid the expansion in altcoins, Fidelity is on a massive hiring frenzy and plans to add 100 employees to its workforce.

Jessop stated that the subsidiary’s institutional clients now include corporations and retirement advisors who want exposure to cryptocurrencies.

Despite the massive fluctuations in crypto prices, he said that institutions are actually more interested in the new asset class.

As reported by U.Today, crypto funds and products recently broke a one-month series of outflows, which could be a sign of a possible change in sentiment.

The FDA currently only provides custody, trading, and other services for BTC and plans to hire new staff for the technology and operations in Dublin, Boston and Salt Lake City, Bloomberg reported, citing Tom Jessop. , President of Fidelity Digital Assets.

According to Jessop, pension advisors and companies are engaging family offices and hedge funds in research into cryptocurrencies. He emphasized that while BTC has become the entry point for many institutions, according to the report there is a major shift in the “diversity of interest” of new and existing customers.

As reported, the major British interdealer broker TP ICAP teamed up with Fidelity Investments and Zodia Custody in June to launch a trading platform for cryptocurrencies.

Also, Jessop recently said that the main story among the company’s customers regarding BTC is still the story of digital gold. A small number of investors are starting to look at BTC from an asset allocation perspective, he said, while some see it as an opportunity for network effects.

Fidelity’s crypto unit plans to expand to Ethereum and other cryptocurrencies

Fidelity Digital Assets, a crypto-powered unit of a $ 10.4 trillion mutual fund, plans to provide services for Ethereum and other cryptocurrencies, Bloomberg reports.

Fidelity’s crypto subsidiary, founded in October 2018, currently only holds and trades Bitcoin.

In addition, the Boston-based financial firm ventured into the custody business in late 2019. It was “extremely successful” according to CEO Abigail Johnson.

In March, Fidelity Digital Assets signed a partnership with Silvergate Capital to offer Bitcoin mortgage loans.

In the same month, the company made a proposal to launch an exchange-traded Bitcoin fund in the United States.

However, Tom Jessop, head of Fidelity’s digital assets unit, says there is more demand for Ethereum now:

“We’re seeing more interest in ether, so we want to be one step ahead.”

This won’t be Fidelity’s first foray into Ether. In September 2017, Johnson announced that the company was mining the second largest cryptocurrency alongside Bitcoin.

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