coincodex.com
Key highlights:
- Institutional-grade crypto services firm Fidelity Digital Assets is looking to expand its headcount by 70%
- The company plans to develop new products and support more crypto assets in addition to Bitcoin
- Fidelity Digital Assets was established by financial services giant Fidelity in 2018
Fidelity Digital Assets plans to expand its team by 70%
Institutional-grade cryptocurrency service provider Fidelity Digital Assets plans to significantly boost its headcount, according to a Bloomberg report. The firm is aiming to add around 100 employees, which would represent a 70% increase in its workforce.
Fidelity Digital Assets president Tom Jessop spoke to Bloomberg and said that the company plans to leverage the new staff to offer new products, and also support more cryptocurrencies in addition to Bitcoin. More specifically, Jessop mentioned Ethereum, which he says has been seeing an uptick in interest. Jessop also noted “the diversity of interest” for crypto assets from institutional players, who are no longer only interested in Bitcoin.
Beyond support for more cryptocurrencies, Jessop also said that the company wants to adapt better to the 24/7 nature of the global cryptocurrency markets.
According to Jessop, Fidelity Digital Assets is now also adding clients like retirement advisers and corporations after initially primarily servicing family offices and hedge funds.
Fidelity Digital Assets was established in 2018 by Boston-based financial services giant Fidelity Investments, and was one of the earlier examples of major names from the financial industry getting directly involved with crypto assets. Fidelity Digital Assets offers cryptocurrency custody, as well as trade execution services. The execution services are integrated with the company’s custody solutions, which allows customers to make trades while keeping their funds stored safely.
While it looks like the institutional involvement in the crypto asset space is here to stay, the markets have been rather uneventful recently. The price of Bitcoin is down almost 50% compared to the $65,000 all-time high BTC reached on April 14, and the coin has been ranging between $32,500 and $35,000 for the past two weeks.
Ethereum has also been quiet as of late, with ETH failing to break above resistance at $2,400 last week and proceeding to slide towards $2,000.