Ethereum will be offered soon through one of the world’s top asset management firms.
Fidelity intends to offer Ethereum custody and trading services.
Its Digital Assets subsidiary is hiring over 200 individuals to build out the infrastructure required to give secure Ethereum network exposure.
The announcement comes a month after Fidelity Investments revealed that individuals would be able to invest up to 20% of their retirement funds in Bitcoin.
Fidelity is also planning to expand its team of blockchain specialists.
According to a new claim from the Wall Street Journal, Fidelity is intending to offer services for the custody and trading of Ethereum and other cryptocurrencies.
According to the source, Fidelity Digital Asset Services LLC, a subsidiary of Fidelity Investments, was trying to hire 110 blockchain experts, including developers and engineers, as well as 100 customer care representatives. These new personnel will presumably contribute to the development of the infrastructure required to support Ethereum services.
With over $4.5 trillion in assets under management, Fidelity Investments is the fourth-largest asset manager in the world. Fidelity Digital Assets was established in 2018 to provide Bitcoin custody and trading services.
In order to enable speedier transactions, 24/7 trading support, and institutional-grade security, Fidelity Digital Assets will also move platform data and apps to the cloud. In addition, the company will develop compliance and tax-reporting software.
Fidelity Digital Assets President Tom Jessup told the Wall Street Journal that they were trying to “concentrate on some of the long-term indicators,” such as client demand, when asked about the current market dip precipitated by the Terra protocol’s collapse. “We’re attempting to develop infrastructure for the future,” Jessop continued, “because we judge success in years and decades, not weeks and months.”
