With high demand for cryptocurrency, Fidelity Digital will increase its workforce by 70%.

The demand for bitcoin services from institutional investors continues to be high, therefore Fidelity Digital Assets plans to grow its staff by roughly 70%.

Fidelity Digital Assets, a division of Boston-based asset management Fidelity Investments Inc., aims to hire around 100 people in technology and operations in Dublin, Boston, and Salt Lake City, according to Tom Jessop, president of Fidelity Digital Assets. According to him, the personnel will assist the company in developing new products and expanding into cryptocurrencies other than Bitcoin.

“was a real breakthrough year for the space, given the interest in Bitcoin that accelerated when the pandemic started,” Jessop remarked about Last year.

Bitcoin achieved an all-time high of $63,000 earlier this year, while other cryptocurrencies such as Ether also hit all-time highs before plummeting by about half in recent weeks. Fidelity Digital currently solely offers Bitcoin custody, trading, and other services. “We’ve seen more interest in Ether, so we want to be ahead of that demand,” Jessop explained.

He also stated that Fidelity Digital will work to expand its trading hours to include additional days of the week. Unlike other financial markets, which close in the afternoon and on weekends, crypto trades all day, every day. He stated, “We want to be at a place where it’s full-time for the most of the week.”

Money has been pouring into the area to fund companies and innovative methods of conducting standard financial transactions as cryptocurrencies and decentralized finance acquire more widespread recognition. According to sources, venture capital funds have already invested more than $17 billion in blockchain-based companies this year. That is by far the most ever raised in a single year and nearly equals the sum raised in the preceding five years combined. Chainalysis, Blockdaemon, Coin Metrics, Paxos Trust Co., Alchemy, and Digital Asset Holdings LLC are among the companies raising funds.

In cooperation with blockchain company BlockFi Inc, Fidelity Digital allows its institutional clients to pledge Bitcoin as collateral against cash loans, in addition to owning and trading Bitcoin.

According to Jessop, institutional investor interest for Bitcoin, Ether, and other digital currencies is only increasing. Family offices and hedge funds were among Fidelity Digital’s initial clients, he added. This is now being extended to retirement advisors and companies interested in holding cryptocurrency as an asset class.

“Bitcoin has been the entry for a lot of institutions,” Jessop stated. “It’s now really opening up a window on what else is going on in the space.” A big shift is in “the diversity of interest” from new and existing customers, he asserted.

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