Fidelity Digital to expand staff by 70% due to strong crypto demand
Fidelity Digital Assets, a unit of Boston-based NEC member Fidelity Investments Inc., plans to increase its staff by 70%, citing high demand for cryptocurrency services from its institutional investors. This increase would see the addition of about 100 new workers in technology and operations in locations such as Dublin, Boston, and Salt Lake City.
The new staff members will be vital in helping Fidelity Digital develop new technologies and expand to other forms of cryptocurrency, in addition to the already-used Bitcoin. Currently, Fidelity offers only custody, trading, and other services for Bitcoin. The increase in staff would help the firm offer services for other cryptocurrencies, like Ether, as well as to achieve its goal of offering trading throughout more of the week.
Fidelity Digital Assets President Tom Jessop acknowledges that “Bitcoin has been the entry for a lot of institutions” and institutional investor demand for Ether and other cryptocurrencies is only rising. According to Jessop, Fidelity Digital’s clients are also expanding, from family offices and hedge funds to retirement advisors and corporations that would like to hold cryptocurrency as an asset class.
“It is now really opening up a window on what else is going on in the space” says Jessop, referencing Fidelity’s staff expansion and interest in different cryptocurrencies.
The New England Council congratulates Fidelity on this new expansion into the increasingly important world of cryptocurrency. Read more in The Boston Globe.