The recent cryptocurrencies hype has led to a sudden increase in the demand for various cryptocurrency services, and this has further pushed Fidelity to increase its operational staff by 70% for the digital asset sector.
In response to institutional demand for cryptocurrency, the digital division of financial services giant Fidelity Investment has taken forward a step to increase its workforce by 70 percent.
In addition to this decision, the firm also informed that the hedge funds and family offices, retirement funds, and corporate treasuries now want some exposure to crypto-assets, said Tom Jessop, president of Fidelity Digital Assets, revealed in a recent interview.
Therefore seeing this increased demands from its customer base the firm finally decided to take in about 100 new employees to their workforce to meet the increasing demands.
The recruits will probably be sent to a vast area of operational locations like Boston, Salt Lake City, and Dublin. So they can further work with the existing teams and bring out better products for their users.
Although currently, Fidelity offers only custodial and trading services for digital assets such as bitcoin, Jessop also said that the company had noticed the increasing likeliness of people towards ether, which states another reason for expanding the team.
Another reason why Fidelity Digital aims to increase its workforce is that it hopes to conduct cryptocurrency trading on a full-time basis, with the branch president saying “we want to go in active trading positions full-time most of the week”.
Speaking about crypto interest from clients, Jessop said:
“Bitcoin is the entry point for many companies. It now opens a window into what’s happening in space. There’s been a big shift in the range of interest from new and existing customers.”
Despite the current market trends, the institutional investors appetite for crypto remains vigilant, while the participating groups assume the current era is an opportunity for consolidation and growth.
While it has been already proved that the “long-term” strategy in crypto is always profitable for most crypto funds. In June, a survey of hedge fund managers found that 98% wanted to increase their crypto portfolio share to 7.2 percent in the coming five years.