The digital arm of financial services giant Fidelity Investments is working towards boosting its workforce by 70% in response to increasing institutional demand for cryptocurrency.
- In an interview with Bloomberg on Monday (July 12th, 2021), the President of Fidelity Digital Assets, Tom Jessop, revealed that apart from hedge funds and family offices, retirement funds and corporate treasuries are now seeking some exposure to crypto assets.
- As a result of the growing demand, the company is looking to hire at least 100 new employees who could see its staff strength increase by about 70%.
- The new workers would be deployed to Boston, Salt Lake City, and Dublin. Also, the employees would assist in developing new products and expanding beyond bitcoin into other cryptocurrency assets.
- While Fidelity Digital only offers custody and trading services for bitcoin, Jessop stated that the company had seen increased interest in ether, leading to an increase in the size of its workers.
- Another reason Fidelity Digital is expanding its workforce is that it intends to operate cryptocurrency trading on a full-time basis, with the branch’s president saying, “we want to be at a place where it’s full-time for most of the week.”
Speaking on the crypto interest from clients, Jessop said:
“Bitcoin has been the entry for a lot of institutions. It’s now really opening up a window on what else is going on in the space. A big shift is in the diversity of interest from new and existing customers.”
- Despite the current market downturn, institutional appetite for crypto remains unabated, with participants saying this current period is a perfect opportunity for consolidation and growth.
- Back in May, CryptoPotato reported that a “long-only” strategy was profitable for most crypto funds. In June, a survey of hedge fund managers showed that 98% of them are looking to increase their crypto portfolio allocation to 7.2% in the next five years.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
- &
- 100
- 2021
- 7
- AI
- appetite
- ARM
- Assets
- Bitcoin
- Bloomberg
- boosting
- border
- boston
- BTC
- City
- clients
- code
- company
- consolidation
- content
- crypto
- crypto-assets
- cryptocurrency
- cryptocurrency trading
- Current
- Custody
- Customers
- Demand
- digital
- Digital Assets
- Diversity
- dublin
- employees
- Ether
- expanding
- family
- Fees
- fidelity
- Fidelity Investments
- financial
- financial services
- Free
- fund
- funds
- Futures
- Growing
- Growth
- hedge fund
- Hedge Funds
- hire
- HTTPS
- Increase
- Institutional
- institutions
- interest
- Interview
- Investments
- IT
- July
- leading
- Limited
- Market
- Monday
- new products
- offer
- Offers
- Opportunity
- Other
- portfolio
- president
- Products
- Reading
- response
- retirement
- Services
- Share
- shift
- Size
- Space
- Sponsored
- Strategy
- Survey
- Trading
- week
- WHO
- workers
- Workforce
- years
More from CryptoPotato
Visa and Mastercard Maintain Support for Binance Amid Regulatory Issues
Source Node: 979990
Time Stamp: Jul 15, 2021
Acala’s Karura Swap Becomes the First DEX on Polkadot’s Kusama
Source Node: 988715
Time Stamp: Jul 23, 2021
Lightspeed Venture Launches a Blockchain-Focused Team, Multicoin Capital Raises $430M
Source Node: 1579776
Time Stamp: Jul 17, 2022
SEC Delays Spot Ethereum ETF Decision From BlackRock and Fidelity
Source Node: 2505050
Time Stamp: Mar 5, 2024
John McAfee Reportedly Found Dead After Spain’s High Court Approved Extradition to the US
Source Node: 939764
Time Stamp: Jun 23, 2021
3AC Co-Founder Concerned About Facing Prison Time (Report)
Source Node: 1641456
Time Stamp: Aug 27, 2022
Ripple Soars 50% on SEC Trial News While Crypto Markets Shed $40 Billion: This Week’s Recap
Source Node: 1683318
Time Stamp: Sep 23, 2022
Almost $2B Staked in Axie Infinity: AXS Skyrockets 130% Weekly to a New ATH
Source Node: 1093762
Time Stamp: Oct 4, 2021
Vitalik Buterin Says Layer 3s Won’t Magically Increase Throughput
Source Node: 2533369
Time Stamp: Apr 2, 2024
Crypto Price Analysis September-30: Ethereum, Ripple, Cardano, Binance Coin, and Solana
Source Node: 1710455
Time Stamp: Sep 30, 2022