Fidelity Investments, a money management, is expanding its digital assets division by employing 100 new employees. indicating the company’s desire to expand its cryptocurrency operations during a weak market.
The recruitment process was initially covered by Bloomberg. By the end of the first quarter of 2023, Fidelity Digital Assets will have roughly 500 employees, according to the statement made regarding the new hires.
$10.3 Trillion Fund Supports Digital Assets
Fidelity is one of the largest investment managers in the world, with over $10.3 trillion in assets under management. However, over the past few years, it has demonstrated a major interest in digital assets. 2018 will see the creation of a digital assets section.
The division has since become one of the principal institutional defenders of digital assets and has been supporting the adoption campaign. Initial services included providing institutional clients with access to trading and custody of digital assets.
Fidelity to Allow Bitcoin 401Ks
Fidelity revealed intentions to allow participants in its 401(k) plan to put some of their retirement funds into Bitcoin earlier this year. However, the Department of Labor and several members of Congress responded angrily to the announcement.
Moreover, Fidelity Digital Asset introduced two exchange-traded funds in April to monitor businesses operating in the crypto industry and the metaverse. It is not shocking that Fidelity is expanding its workforce by taking advantage of the bear market.
New Hires Despite Bear Market
According to the Bloomberg article, it is hiring more people for departments like client services, business development, operations, technology, compliance, marketing, and business development. A source with knowledge of the choice noted that the appointments would be dispersed throughout the unit’s regional offices in New York, Dublin, Boston, and London.
The organization has a fantastic potential to hire competent experts quickly thanks to the current bear market. Several companies with a focus on cryptocurrencies have been compelled to reduce their staff. The insolvency of crypto-focused businesses resulted in thousands of layoffs in addition to some employees losing their jobs.
Given that the market cap has fallen by over $2 trillion from its high in late last year, Fidelity’s choice to hire now also reveals the level of conviction it has in the crypto business.
Image Courtesy Of Shutterstock
