Fidelity, the world’s largest financial holding company, now offers Ethereum custody and trading

Fidelity, the world’s largest financial holding company, now offers Ethereum custody and trading

After establishing a similar service for Bitcoin, Fidelity, one of the world’s largest financial companies, began offering Ethereum trading and custody services. According to the Wall Street Journal, the firm intends to double its workforce in 2022 as demand for digital assets recovers.

The firm is preparing to hire 110 additional employees, including engineers and developers with blockchain experience. The firm is most likely to invest in digital infrastructure in order to support more cryptocurrencies.

The growth ambitions come on the wake of Fidelity’s announcement that it will convert retirement money to Bitcoin later this year, making it the first big retirement plan provider to do so.

The Fidelity Digital Asset was established long before the bull market of 2021. The subsidiary develops infrastructure to enable Ethereum custody and trading services. The platform was created with the goal of storing and exchanging massive amounts of Bitcoin and other digital assets.

According to reports, the platform’s data and apps would be moved to the cloud, allowing for much quicker transaction processing and 24-hour trading support. Fidelity promises to deliver an institutional level of security as the number of users grows.

As can be seen, the large drop in the cryptocurrency market has not discouraged institutional investors, who are gearing up for a return of demand for risky assets like cryptocurrencies.

Mr. Jesson of Fidelity Investments says the firm isn’t focused on short-term downturns, but rather on long-term signs that point to a potential return of buying power on the market. Despite the current market conditions, demand for blockchain engineers and developers is on the rise.

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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