Fidelity Digital Assets to double staff as institutional interest in cryptocurrencies grows

The cryptocurrency division of investment giant Fidelity Investments plans to hire additional staff to expand its product lineup, according to president Tom Jessop, The Wall Street Journal reports.

According to the top executive, by year-end the firm will hire an additional 110 blockchain specialists and 100 client managers.

In November 2019 Fidelity Investments launched an institutional-focused crypto custody unit with a sole focus on Bitcoin. Current plans call for adding Ethereum support.

The team will migrate platform data and applications to the cloud for faster transactions and 24-hour trading. Staff will also work on improving compliance and tax reporting tools.

We are not fixated on downturns and… we strive to build infrastructure for the future. We measure success in years and decades, Jessop said.

Currently Fidelity Digital Assets serves the interests of around 400 clients, including registered investment advisers, hedge funds and asset managers.

In April, the parent company Fidelity Investments announced a service enabling clients to accumulate bitcoins on 401(k) retirement accounts. The option will be available in the summer of 2022.

As reported, Fidelity Investments’ plans drew concern from the U.S. Department of Labor.

Earlier, Japanese banks Sumitomo Mitsui Trust and Nomura announced plans to expand their presence in the crypto market.

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