Fidelity Investments Delves Into Crypto, Deepens Bench With Fresh Hires

In an apparent bid to expand its foothold in the crypto industry, asset management firm Fidelity is ramping up its hiring plan with the addition of 100 new people to its digital assets segment.

The fresh round of hiring will increase Fidelity Digital Assets' workforce to about 500 by the end of the first quarter of the next year.

The company first announced its intention to employ tech and customer service personnel in May. Since then, the division's headcount has doubled.

See Also: JPMorgan Taps Ex-Celsius Exec To Lead Crypto - What's Dimon's Stance Now?

Fidelity Digital Assets expects to hire more people in the areas of client services, operations, technology, business development, marketing, and compliance, according to a Bloomberg report.

The new hires will be spread across multiple geographical areas, with the existing crypto team at Fidelity situated in places like Boston, New York, London, and Dublin.

Fidelity’s expansion shows that major financial institutions have not been deterred by a $2 trillion crypto market meltdown since the market peaked about a year ago. Since then, companies like Crypto.com, Coinbase Global Inc. COIN, and BlockFi Inc. laid off hundreds of staff this year.

Fidelity Digital Assets was founded in 2018. It has been one of the most prominent institutional proponents of cryptocurrency investing.

Its early offerings were trading and custody of digital assets for institutions, but it has now increased the scope of its services.

The company established two exchange-traded funds tracking companies in the metaverse and crypto industries in April after announcing intentions to let 401(k) plan members transfer a portion of their money into Bitcoin BTC/USD earlier this year.

One of the biggest investment managers in the world, Fidelity Investments, is in charge of more than $10.3 trillion in assets. For more coverage and guidance, click here.