Fidelity plans to increase the number of employees by approximately 70%.
Fidelity Digital Assets, the crypto-focused arm of asset manager Fidelity, plans to increase its headcount by around 70%. In response to strong demand for crypto services from institutional investors.
Making a statement on the subject, Fidelity Digital Assets president Tom Jessop, Boston-based asset manager Fidelity Investments Inc. In addition, he said his unit plans to add approximately 100 staff to technology and operations in Dublin, Boston and Salt Lake City. The president also said that the employees will help the business develop new products and expand into cryptocurrencies alongside Bitcoin.
Jessop says institutional investor demand for access to Bitcoin, Ethereum and other digital currencies is increasing. Saying that Fidelity Digital’s first clients tended to be family offices and hedge funds. Jessop notes that this is now expanding to pension advisors and companies looking to hold cryptocurrencies as an asset class.
Cryptocurrency Market Always Active
Stating that Fidelity Digital will enable trading every day of the week, the president made the following statements:
“Unlike most financial markets that close in the afternoon. On weekends, the cryptocurrency market is traded full-time every day. Knowingly we want to be somewhere full-time for most of the week.”
As cryptocurrency and decentralized finance gain more acceptance. Moreover, money continues to flow into the space to finance startups and new ways of conducting traditional financial transactions.
According to data provider PitchBook, venture capital funds have committed more than $17 billion to blockchain-based projects this year. To sum up, This is by far the most in any year. Nearly equal to the total amount collected in all previous years. Among the giant investing companies are Chainalysis, Blockdaemon, Coin Metrics, Paxos Trust Co., Alchemy and Digital Asset Holdings LLC.