As Demand for Bitcoin Rises, Fidelity Digital Assets Expands its Workforce

Kavya  |  Jul 13, 2021

Fidelity Digital Assets, the asset management firm's cryptocurrency division, is looking to increase its workforce in response to the rise in Bitcoin demand and its other crypto services from institutional clients. 

According to Bloomberg, the business expects to hire over 100 people for operations in Dublin, Boston, and Salt Lake City, resulting in a 70% increase in employees.

Fidelity Digital Assets Increase Its Workforce

Tom Jessop, president of Fidelity Digital Assets, revealed in an interview that the business intends to develop new products and expand its present crypto services beyond Bitcoin (BTC). 

In addition, he stated, "[Last year] was a genuine breakthrough year for space, given the interest in Bitcoin that surged when the epidemic began.

" We've noticed an increase in interest in Ether, so we want to be ahead of the curve.” As of press time, Fidelity Digital Assets only provided Bitcoin custody, trading, and other services.

However, the company's president suggested that more cryptos may be added to the mix soon. “We want to be able to work full-time for the majority of the week,” he explained.

The Most Recent Hiring Moves

Despite the coronavirus epidemic, the asset management giant's crypto division was busy hiring a workforce to enhance its service across such a front in recent months, if not since the previous year. 

In November 2020, Fidelity Digital Assets started a massive hiring drive to hire more than 20 engineers for the development of its cryptocurrency trading and custody services.

In fact, in December of last year, it helped the firm is focusing on other crypto-related items.

Since that time, the company allowed its customers to borrow in fiat against up to 60% of their Bitcoin holdings. 

The crypto-backed loans are made accessible through a partnership with BlockFi, a New York-based asset management platform for Bitcoin investors.

Fidelity exclusively serves institutional investors such as hedge funds, family offices, and market intermediaries.

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