Fidelity Investments has plans to go on a hiring spree to include ether trading and custody services in its cryptocurrency business. The Fidelity executive believes that the demands for digital assets are increasing and will continuously grow throughout the world. As the marketplace evolves, Fidelity will also expand its way of action and hiring efforts.
The digital assets subsidiary of Fidelity, the Fidelity Digital Assets, is expanding the services it provides. The subsidiary was founded in 2018, and there are currently around 200 employees working for it. Fidelity plans to fill 110 new positions to focus on digital assets, cryptocurrencies, and the crypto industry. Terrace Dempsey, the project manager at Fidelity, has stated there are around 400 clients for Fidelity Digital Assets. These include hedge funds, numerous registered investment advisors, and asset managers.
At the time of writing, the company only offers the investors the ability to store and trade bitcoin. The executives at Fidelity are adamant that the marketplace is evolving, and Fidelity should be too. Therefore, the president of Fidelity Digital Assets, Tom Jessop, has explained that the company’s plans to hire newer and more people will result in the development of an infrastructure that would be able to carry out trading and custody services for Ethereum.
Fidelity is focused on long-term indicators rather than the mere prices of cryptocurrencies. So, the announcement of a hiring spree came out when the crypto market shed almost $500 billion over the past month due to the crypto crash gloom. The executive of Fidelity stated that the crypto crash had minimal impact on the business. That is because Fidelity is focused on long-term indicators. Consequently, they are trying to build such an infrastructure for the future, which is not affected by short-term changes, as the company measures success over years and decades, not days and weeks.
The far-sighted approach of Fidelity has kept it stable even when the crypto sector is burning down. While investors are losing confidence in cryptocurrencies and are pulling their money out, Fidelity stays in the green. Accordingly, the company’s stability has resulted in clients having greater trust than before. Similarly, the generation of new employment at such times will increase Fidelity’s reputation, and the attempts to develop an infrastructure for the future will bear fruit.
