As a result, Fidelity Digital Assets, a division of Fidelity Investments, expects to add 110 new tech employees by the end of the year.
Engineers and blockchain developers are among the new personnel who will be tasked with creating the infrastructure necessary to enable services other than Bitcoin.
Fidelity will soon be accepting Ethereum.
According to Tom Jessop, the president of Fidelity Digital Asset Services, the company’s new technological recruits will be responsible for establishing the infrastructure to support Ethereum custody and trading services (ETH).
Continued diversification of the company’s offerings is the reason for this decision. Fidelity stated in April that it would begin allowing its customers to invest their retirement assets in Bitcoin. Customers will be able to dedicate up to 20% of their investment fund to Bitcoin under the new scheme, which will be made available in the coming months.
As part of the new jobs at Fidelity, all of the company’s platform data and applications will be moved to the cloud to allow speedier transactions. Additional 100 customer care specialists will also be added to the organization, according to Jessop, in order to give round-the-clock trading support.
Although the crypto market is generally gloomy, Fidelity’s fast expansion defies this trend. As far as Jessop is concerned, the market volatility has had just a little impact on the company’s ability to acquire new customers.
There are presently roughly 400 institutional clients of Fidelity’s digital asset subsidiary, including registered investment advisers, hedge funds and pension and asset management firms. Fidelity has been quick to respond to the growing demand for new products, particularly in the digital asset space, over the past year.
- “We’re trying not to focus on the downturns and focus on some of the long-term indicators,” Jessop said, referring to the growing demand for crypto exposure from its clients. “We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”
