Fidelity to hire more crypto hands in growing institutional interest

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Fidelity Digital, the crypto arm of global asset management giant Fidelity Investments Inc., is reportedly hiring more people for its growing cryptocurrency business.

According to Bloomberg on Monday, the company plans to increase its staff size by around 70% to handle the growing patronage of large crypto investors.

The increased workforce, numbering at least 100, would be deployed to sites in Salt Lake City, Boston and Dublin.

As part of the expansion of the workforce, Fidelity Digital President Tom Jessop said the company is looking to provide exposure to other cryptocurrencies besides Bitcoin (BTC), telling Bloomberg: We’ve seen more interest in Ether, so we want to be ahead of that demand. .

Indeed, institutional interest in Ether (ETH) has grown since the start of the year, with investments for ETH-based products sometimes even exceeding Bitcoins.

In addition to diversifying into the crypto investment and custody catalog, the recruits would also help the company extend its operating time with the goal of offering full-time services for most of the week. .

Unlike the traditional trading arena, the crypto market operates 24 hours a day, seven days a week. For Jessop, Fidelity Digital needs to expand its operations to reflect this operating paradigm.

Related: Avalanche Founder Emin Gn Sirer Is Rather Optimistic About The Crypto Market Outlook

Jessop also offered a unique perspective to see the evolution of crypto institutional interest beyond hedge funds and family offices. According to the head of Fidelity Digital, retirement advisers and businesses are now looking for some form of exposure to crypto assets.

As previously reported by Cointelegraph, founder of the Avalanche blockchain and Cornell University professor Emin Gn Sirer has revealed that retirement funds are looking to become the next big players in the crypto space.

Even the current downturn in the crypto market has done little to dampen the enthusiasm of institutional investors. Earlier in July, $ 55 billion hedge fund Marshall Wace announced plans to make late-stage investing in blockchain companies with a particular focus on digital payment systems and stablecoins.

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