Fidelity Says Will Double Down on Hiring for Crypto Units This Year

Fidelity Investments’ digital assets arm will double its hiring this year as it looks to enhance its resources to serve clients who want to invest in crypto assets that are traded around the clock.

A company spokesperson told Reuters on Tuesday that Fidelity Digital Assets, which currently employs nearly 200 people, is looking to fill 110 new positions in customer services, technology and operations that will also focus on assets other than bitcoin.

“As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our staffing efforts,” said Tom Jessup, President of Fidelity Digital Assets.

Last month, Fidelity Investments became the first major retirement plan provider to allow individuals to allocate a portion of their Bitcoin savings through 401(k) investment plans.

The employment news comes weeks after the cryptocurrency suffered a major downturn in the wake of the collapse of the stablecoin terraUSD. Stable coins are digital tokens that are tied to the value of a traditional asset.

Bitcoin was last traded at $31,594 (around Rs24,49,700), more than halving from its all-time high of $69,000 (around Rs 53,50,000) in November.

The trajectory of the crypto market has not discouraged private investment, with Hong Kong-based crypto lender and asset manager Babel Finance raising $80 million (approximately Rs 620 crore) at a valuation of $2 billion (around Rs 15,506 crore) last week, while Andreessen Horowitz raised The venture capital giant has announced $4.5 billion (around Rs.34,890 crore) for its fourth cryptocurrency fund.

© Thomson Reuters 2022

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