Fidelity crypto department to increase by 25%
The Fidelity crypto division will have 500 staff members in total within the first three months of 2023, according to a spokesperson.
In sharp contrast to the recent squeezing out of crypto talent, $4.5 trillion asset management company Fidelity Investments is to employ another 100 individuals to support the firm's developing digital assets division.
Search for live jobs related to the Fidelity crypto division
A search on the bank's job board showed 74 active results for digital asset-related roles covering blockchain technology, business analysis, customer support, finance and accounting, product development, and corporate services such as compliance.
Most of the current listings are from the United States, with the bulk originating from its offices in Boston, New York, Texas, Colorado, and Utah. According to Bloomberg, the new positions will be in the US, UK, and Ireland.
What has caused the increase of staff at Fidelity?
Fidelity's recruiting drive came after BlockFi, Coinbase, Gemini, and Crypto.com, among the top crypto-native entreprises, laid off 20%, 18%, and 10% of their staff, respectively. The mass layoffs appear to have created a new pool of digital asset talent for conventional corporations like Fidelity to recruit.
Crypto division to increase digital assets offering
Fidelity has begun to provide more extensive digital asset-related services as investor interest in digital assets grows.
A bank representative recently revealed to a cryptocurrency news outlet that the bank would begin offering ETH custody and trading services to institutional clients on 28 October, 2022.
In September, industry observers speculated that the company would soon "transition" towards offering Bitcoin trading services to its 34 million retail consumers.
At the time, the company did not confirm the rumours, merely stating that extending its capabilities to provide further access to digital content remains an area of attention.
The company has previously established a tool that allows holders of 401(k) retirement savings accounts to invest directly in Bitcoin (BTC).
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.