Fidelity’s crypto unit increases manpower with 100 new positions

Fidelity Digital Assets, the digital arm of Fidelity Investments, is set to increase its headcount by 25 percent to reinforce and meet the mounting demand of clients who continuously invest and trade in crypto assets 24/7.

Currently having nearly 410 employees, Fidelity Digital is looking to hire people for the 100 new positions in the technology, operations, and client services departments geared towards other investments apart from Bitcoin.

The increase in staff would help the firm offer services for other digital assets. The move comes shortly after the company announced plans to launch Ethereum custody and trading services, citing high demand from institutional investors. Fidelity Investment also allows customers to diversify their 401(k) investment plans with Bitcoin savings.

Fidelity is hiring more across compliance, custody operations, trading, risk management, engineering and management with preferably some experience in blockchain. The company is looking to fill the following positions:

  • Fidelity Digital Assets Analyst, Account Management operations
  • Director, Digital Asset Investment Product
  • Senior Compliance Manager – Digital Assets Compliance
  • Director of Software Engineering, Wallet Blockchain

The brokerage broadens its crypto offerings in the face of a recent slump in the market. Earlier this month, Fidelity launched an Ethereum Index fund, which has already raised $5 million since sales began on Sept. 26.

Fidelity’s cryptocurrency unit already features institutional-grade, crypto linked services, including custody offerings to safeguard holdings and execution services 24 hours a day, seven days a week.

Fidelity Digital Assets only serves institutional investors such as hedge funds, family offices and market intermediaries.

Initially launched in the US, Fidelity’s crypto arm made the decision to target Europe back in 2019, hiring Chris Tyrer from Barclays to lead operations. The unit is one of the first crypto custody and trading platforms to be launched by an incumbent financial services player.

Fidelity Digital Assets, immersed in crypto since 2018, has doubled its staff in locations such as Dublin, Boston, and Salt Lake City. The move came as the firm was rumored to be considering offering crypto trading to its more than 34 million retail customers.

Fidelity has also been busy working on a crypto exchange, in partnership with Charles Schwab, Ken Griffin’s Citadel Securities and US electronic market maker Virtu Financial.

Fidelity, which has nearly $4.5 trillion in assets under management (AUM), has been trying to structure a product that looks as close as possible to a traditional ETF. Trading bitcoin through an ETP structure removes the technical challenges associated with cryptocurrency such as setting up a wallet or trading or unregulated exchanges.