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Fidelity expands its team to offer Ethereum trading and custody services

Fidelity Digital Assets, a subsidiary of Fidelity Investments, is doubling its staff to develop the infrastructure needed to enable Ethereum trading and custody services.

According to the Wall Street Journal report on May 31, Fidelity Digital Assets, a subsidiary of Fidelity Investments, announces to double its headcount by the end of the year, hiring 110 new computer experts. Engineers and blockchain developers among the new staff will concentrate on developing the infrastructure required to enable Ethereum trading and custody services. 

Fidelity’s new recruits will not only expand the infrastructure required to support Ethereum, but they will also shift all of the company’s platform data and apps to the cloud in order to allow speedier transactions. According to Tom Jessop, President of Fidelity Digital Assets, the new technical recruits will concentrate on building the infrastructure to enable Ethereum (ETH) custody and trading services. This is part of the company’s continual effort to diversify its product offering.

According to the sources, the business will hire an additional 100 customer care professionals to provide 24-hour trading support. Fidelity’s ambitious expansion contradicts the crypto market’s overall gloomy attitude. According to Jessop, the company’s overall consequences of market volatility have been negligible, with the sole observable result being a somewhat slower rate of obtaining new clients.

Regardless, Fidelity’s digital asset division currently has around 400 institutional clients, including registered investment advisers, pension funds, hedge funds, and asset managers. In the last year, there has been a huge increase in demand for new products, particularly in the digital asset space. Jessop remarked:

“We’re trying not to focus on the downturns and focus on some of the long-term indicators. He refers to the growing demand for crypto exposure from its clients. We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”

Fidelity Investments stated in April that it will begin providing its clients the option of investing in Bitcoin with their retirement assets. Under the plan, clients will be able to invest up to 20% of their investment fund in Bitcoin, which will be available in the coming months.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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