Fidelity Investments to Expand Crypto Team by 70%

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Fidelity Investments strengthens its digital asset team as crypto sees an overabundance of financial advisers, family offices and other investors, according to Bloomberg on Monday (September 13).

Fidelity provides institutional services such as custody of digital coins for the execution of transactions. The company wants to increase the number of its employees in digital assets by 70% by the end of the year. The hiring surge comes after the company filed documents with the U.S. Securities and Exchange Commission in August to launch a bitcoin investment fund.

Read more: Fidelity to launch Bitcoin fund for wealthy investors

In other news, South Korean crypto exchanges have just less than two weeks to meet new regulatory compliance requirements, according to a Cointelegraph report on Monday.

Companies will need to submit registration applications for an official license from the Financial Services Commission (FSC). The industry has strongly contested this due to the requirement for exchanges to prove that they work with real name accounts at South Korean banks.

Also Read: South Korean Crypto Traders Expect New Market Rules To Lead To $ 2.6 Billion In Losses

The FSC said this rule is in place because clients want increased protection of their assets for small crypto platforms.

In other news, hedge fund Brevan Howard announced Monday, September 13, that it would expand its crypto business, according to Reuters.

It comes as crypto gains momentum around the world. The asset manager, famous for betting on macroeconomic trends, has announced plans to launch a new unit, BH Digital, which will manage the crypto.

See also: Billionaire Hedgefund Plans $ 1 Billion Crypto Firm

Meanwhile, tech company Recur, which allows customers to buy and sell non-fungible tokens (NFTs), raised $ 33 million in a Series A cycle, according to a press release.

Co-founders Zach Bruch and Trevor George said Recur is building a future where NFTs can be taken anywhere as symbols of self-expression, community belonging and fandom, among many others. use case.

Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained in any future channel, they said. Additionally, we see a future where the standard for a decentralized recurring royalty is built in, giving the creator due credit as assets are traded over and over again.

In addition, Sheena Shah will lead a new team at Morgan Stanley to research cryptocurrencies as Wall Street continues its efforts in digital assets, according to Bloomberg on Monday (September 13).

Shah will act as a senior analyst and his team will study the impact of crypto on stocks and fixed income around the world. The move comes as many large institutions, including Bank of America, Goldman Sachs and JPMorgan Chase, are getting more into crypto.

Shah is currently the head of the Group of 10 (G10) foreign exchange strategy for Europe.

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