By
Steve Muchoki
April 17th, 2024
The announcement comes barely a month after Fidelity Investment emerged as the first major pension plan provider to allow individuals to set aside a portion of their savings in Bitcoin by offering a dedicated 401(k) investment plan.
Fidelity Investments is open to hiring more hands despite the bearish market. According to a Reuters report, the company looks to advance its resources for better service to its investors/clients.
The company, which currently has around 200 staff, has over 100 open positions in different positions ranging from client services to technology and operations.
According to Tom Jessop, Fidelity Digital Assets president, the steady growth in demand for digital assets as well as the evolution witnessed in the marketplace, the company will continue to expand its hiring efforts. WSJ also reports that the company is committed to developing its digital infrastructure so that it can better support crypto services.
Part of the Fidelity company’s growth plans is to advance to a level where they can support custody and trading services for Ethereum (ETH). During the interview, Jessop highlighted that:
“The team will move platform data and applications to the cloud for purposes of facilitating faster transactions and 24-hour trading support.”
With a special focus on offering institutional-grade security, Fidelity Investment looks to improve customer service as it expands. Jessop also revealed that compliance and tax-reporting tools will be part of the aspects that the team will be responsible for.
The Fidelity Digital Assets executive opined that these shifts were part of their efforts not to focus on the market downturns, but instead channel their energy towards long-term indicators.
“We are trying to build infrastructure for the future because we measure success over years and decades, as opposed to weeks and months,” said he.
The announcement comes barely a month after Fidelity Investment emerged as the first major pension plan provider to allow individuals to set aside a portion of their savings in Bitcoin by offering a dedicated 401(k) investment plan. The decision raised concerns from the US Department of Labor and Senators Elizabeth Warren and Tina Smith.
Fidelity first entered the crypto space in 2018 and has a successful track record providing services for Bitcoin where institutional investors enjoy custody and trading services.
Bold Move in a Bearish Market
The invitation to recruit is a bold move by the Fidelity company seeing as recent weeks have been difficult for the crypto market because of the collapse of Terra’s ecosystem.
Other crypto firms like Andreessen Horowitz, a renowned venture capital firm, raised $4.5 billion for its fourth crypto fund, in another equally bold move for the industry.