Fidelity Digital To Increase Workforce by 70% As Demand For Crypto Surge

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Cryptocurrency custodian, Fidelity Digital Assets is planning to increase its workforce size by 70 % in response to increasing demand for bitcoin services from institutional investors.

The unit of asset manager, Fidelity Investments Inc., located in Boston, wants to hire around 100 people in the area of technology and operations in Dublin, Salt Lake City and Boston. This was stated in an interview of president of Fidelity Digital Assets, Tom Jessop.

According to him, the personnel will assist the company in developing new products and expanding into cryptocurrencies other than bitcoin. Mr. Jessop stated that last year “was a genuine breakthrough year for the space, given the interest in Bitcoin that surged when the epidemic began.”

Bitcoin made an all time high of over US$63,000 earlier this year, and other cryptocurrencies such as Ethereum also reached all-time highs before dropping by about 50 percent in recent weeks. As of now, Fidelity Digital only offers Bitcoin custody, investing, and other services.

“We’ve seen more interest in Ether, so we want to be ahead of that demand,” Mr. Jessop said. He also stated that Fidelity Digital will work to extend trading hours throughout the week.

Unlike other financial markets, which close in the afternoons and on weekends, cryptocurrency trades 24 hours a day, seven days a week. “We want to be somewhere where it’s full-time for the majority of the week,” he added.

Money has been pouring into the industry to fund companies and innovative ways of conducting standard financial transactions as cryptocurrencies and decentralized finance gain widespread appeal.

 

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