Fidelity Investments’ crypto arm is looking to increase its workforce, according to a report by Bloomberg on Monday
Fidelity Digital Assets, a subsidiary of the Fidelity Investments network focused on delivering crypto solutions to institutional investors, will increase the number of employees in their portfolio by up to 70% to accommodate the upcoming big digital asset investors to use. Speaking to Bloomberg, the President of the Arms, Tom Jessop, stated that the new hires would be based in the Dublin, Salt Lake City and Boston offices.
He went on to explain that the new hires would be working on digital assets without Bitcoin to meet the increased demand for crypto services. The company will specifically focus on Ether, which Jessop sees as the next digital asset in focus, backed by statistics and investor interest.
Ether and its products have seen steadily increasing demand since the turn of the year. The crypto asset would offer Fidelity Digital a diversification away from Bitcoin.
“We have seen a greater interest in ether, so we want to be ahead of that demand,” said Jessop.
Jessop also revealed that the mindset and attitude towards crypto has changed. Initially, only hedge funds and family businesses were interested in crypto, but now the number of fully-fledged companies that want to include crypto in their portfolios is increasing.
Fidelity Digital hopes the new hires would help revolutionize its trading operations by extending 24-hour operations to most of the week. The move would attempt to defy conventional trading in traditional markets that routinely close in the afternoon and on weekends. According to Jessop, trading in the crypto markets must reflect the 24 hour nature of the crypto economy and therefore only an increase in operations would reflect this.
It also appears that Fidelity paved the way for institutional investors by launching a data analytics tool called SherlockSM in April. The product was launched to provide institutional investors with tools to facilitate data-driven investment decisions.
Jessop noted that 2020 was a breakthrough year for crypto, largely due to the impact of the pandemic. The growth remained constant until the last few months when Bitcoin, along with other crypto tokens, experienced a slump. Fidelity was interested in the developments in the crypto space. In March of this year, the asset manager filed its application for a Bitcoin ETF, which joined a race by several other companies to gain SEC approval for the offering.