By
Steve Muchoki
April 17th, 2024
Fidelity’s plan to increase its workforce has been credited to the growing demand for cryptocurrency transactions that the company has been dealing with on a day-to-day basis.
Fidelity Digital Assets, a cryptocurrency division of US-based Fidelity Investments, is planning to increase its staff by 70% this year. This immediate move is said to accelerate the company’s crypto business and is looking forward to recruiting more skilled personnel to assist in scaling their business operations.
In an interview with Bloomberg, Peter Jubber, Managing Director of FDA has stated that the company will be actively involved in offering cryptocurrency yield funds, and will also deal with products related to DeFi and stablecoins.
Fidelity Digital Assets Aims to Diversify Its Crypto Unit by 70%
FDA president Tom Jessop has commented that to strengthen the company’s crypto portfolio, the organization will now be recruiting competent staff and intends to increase its workforce by 70% by the end of 2021.
FDA at present offers Bitcoin custody and transactions to its consumers. Back in May, the parent company of FDA, Fidelity Investment had successfully managed to raise $100M through its Bitcoin-related funding. In March, the company had also registered for a Bitcoin Exchange Traded Fund (ETF) with the US Securities and Exchange Commission (SEC) under the brand called “Wise Origin.”
According to multiple reports, Fidelity’s sudden plan to increase its workforce has been credited to the growing demand for cryptocurrency transactions that the company has been dealing with on a day-to-day basis. Cryptocurrency proceedings are constantly gaining momentum attracting more investors to the organization which in turn has compelled the FDA to expand its work base.
According to a survey conducted by FDA in July, there has been a significant 70% increase of institutional investors who wish to trade and invest in cryptocurrency. In addition, the survey also revealed that the rest of the investors are either planning to switch to cryptocurrency or will allocate to their client’s portfolio by 2026. Along with that, Fidelity also surveyed Asian investors for the first time and found that they are exceptionally forthcoming about the new digital asset revolution and are ready to invest their stake in cryptocurrency to acquire decent revenue and gains. The survey further highlighted that the fear of inflation caused by the pandemic was the primary catalyst that induced a surge in cryptocurrency investments.
Fidelity Investment is primarily a financial service corporation based out of Massachusetts, Boston. The company had launched its independent crypto division Fidelity Digital Asset Management back in October 2019 to regulate crypto custody and trading services by offering it as an investment to institutional investors.