Fidelity Digital Assets to double staff in anticipation of growing institutional interest in cryptocurrencies

The cryptocurrency division of the investment giant Fidelity Investments intends to attract additional specialists to expand its product line. This was stated by its President Tom Jessop, writes The Wall Street Journal.

According to the top manager, by the end of the year, the firm will hire an additional 110 blockchain specialists and 100 client managers.

In November 2019, Fidelity Investments launched an institutional-focused crypto-custodial arm focused exclusively on bitcoin. Current plans include adding support for Ethereum.

The team will migrate platform data and applications to the cloud for faster transactions and 24-hour trading. Employees will also improve compliance and tax reporting tools.

“We don’t focus on recessions and […] aim to build the infrastructure for the future. We measure success in years and decades,” Jessop said.

Fidelity Digital Assets currently serves approximately 400 clients, including registered investment advisors, hedge funds and asset managers.

In April, the parent company Fidelity Investments announced a service to provide customers with the opportunity to accumulate bitcoins in 401(k) retirement savings accounts. The option will appear in the summer of 2022.

Recall that the plans of Fidelity Investments worried the US Department of Labor.

Earlier, Japanese banks Sumitomo Mitsui Trust and Nomura announced their intention to expand their presence in the cryptocurrency market.

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