True to the blockchain! – Fidelity Digital Assets, a subsidiary of Fidelity Investments, plans to double its workforce. In fact, the company will recruit more than 200 additional employees by the end of the year. New recruits, include engineers and developers blockchain. All will work to build the infrastructure needed to support crypto assets like Bitcoin (BTC) and Ethereum (ETH). The statement comes a month after Fidelity Investments announced it wanted to offer investors the possibility of allocating up to 20% of their retirement plans in Bitcoin.
A new team to manage Ethereum at Fidelity
According to a new report from the Wall Street Journal, Fidelity plans to offer trading services forEthereum and other cryptocurrencies. The report indeed states that Fidelity Digital Asset Services, the subsidiary of Fidelity Investments, is seeking to hire 110 technicians with blockchain expertise. These include developers and engineers. The company also plans to hire 100 specialists for its customer service. These new hires are expected to help build the infrastructure needed to support Ethereum’s services.
Fidelity Digital Assets will also transfer data and applications from the platform to its cloud. The goal ? Offer faster transactions, 24/7 sales support, and institutional-grade security. The entity will additionally build tax compliance and reporting tools.
“We try not to focus on downturns and focus on some long-term metrics. We also try to build infrastructure for the future because we measure success over years and decades, not weeks and months. »
Tom Jessop, President of Fidelity Digital Assets
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Fidelity Investments is an American company and the fourth largest asset manager in the world. The company manages over $4 trillion in assets. Fidelity Digital Assets has been in existence since 2018 and provides, among other things, trading services for Bitcoin.
Fidelity’s aggressive expansion defies the general bearish trend in the cryptocurrency market. According to the president of Fidelity Digital Assets, the effects of market volatility on the company were minimal. The only consequence would be that the pace of new customer acquisition has slowed slightly.
Nonetheless, Fidelity’s digital asset arm currently has approximately 400 institutional clients. Of course, investment advisers, hedge funds, pension funds and asset managers are included. The demand for new products, especially in the area of digital assets, has increased significantly over the past year. Fidelity wastes no time providing them to its customers and investors.
This decision is in keeping with the company’s efforts to diversify its offer. Fidelity Investments announced in April its desire to offer investors the possibility ofinclude Bitcoin in their 401(k) retirement accounts, with a maximum allocation of 20%. This plan was met with skepticism by the US Department of Labor, which warned of the speculative nature and regulatory risks associated with bitcoin. We know that the USA does not like the principle of including cryptos in pension plans.
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