Fidelity predicts huge push into digital asset space with 100 new hires

Investment manager Fidelity Investments hires 100 new people for its digital assets unit. Which suggests that the firm wants to grow its crypto business in the bear market.

Bloomberg first reported the recruiting exercise. Stating that the new hires will increase the number of Fidelity Digital Assets employees to approximately 500 by the end of the first quarter of 2023.

With over $10.3 trillion in assets under management, Fidelity is one of the largest investment managers in the world. However, he has shown significant interest in digital assets over the past few years. Creation of a digital assets unit in 2018.

Pro-crypto movements continue

Since then, the unit has been a leading institutional advocate for digital assets. And pushed the reader for adoption. It started by offering institutional clients access to trading and custody of digital assets.

Earlier this year, Fidelity announced plans to give participants in its 401(k) plan the option to invest a portion of their retirement savings in Bitcoin.

However, the announcement drew strong reactions from the Department of Labor and some members of Congress.

Meanwhile, Fidelity Digital Asset also launched two exchange-traded funds in April to track companies in the crypto and metaverse sector.

Fidelity strengthens its workforce

It’s no surprise that Fidelity is taking advantage of the bear market to bolster its staff.

According to the Bloomberg report, it is adding employees to divisions such as customer services, business development, operations, technology, compliance, marketing and business development.

A source familiar with the decision added that the hires would be spread across the unit’s regional offices in New York, Dublin, Boston and London.

The current bear market offers the company a perfect opportunity to easily recruit talented professionals. As several crypto-focused companies have been forced to downsize.

While some employees have lost their jobs due to the bankruptcy of crypto-focused companies, thousands more have been laid off.

However, Fidelity’s decision to hire now also suggests the level of conviction it has in the crypto space, given that over $2 trillion has been wiped from market capitalization since the peak at the end of 2019. Last year.

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