Fidelity Digital Assets, the crypto-focused subsidiary of Fidelity Investments, has planned a hiring spree to extend services to include Ethereum trading and custody.

See related article: Fidelity allows retirement investments in Bitcoin

Fast facts

  • Fidelity Digital Assets was founded in 2018 to enable institutional investors to store and trade Bitcoin — its parent company announced in April that it will add Bitcoin to its 401(k) offerings.
  • The firm is now looking to hire 110 engineers and blockchain developers, along with 100 customer service executives, to build the infrastructure to support cryptocurrencies apart from Bitcoin, the firm’s president Tom Jessop told The Wall Street Journal.
  • For now, the new hires will help add trading and custody support for Ethereum and migrate the platform data and applications to the cloud for faster transactions.
  • The new team will also focus on institutional-grade security, compliance, and tax-reporting tools. 
  • While Fidelity Digital Assets has experienced a drop in new client acquisitions amid the sluggish market, the subsidiary has been minimally affected by the fall in crypto prices, Jessop said.
  • “We’re trying not to focus on the downturns and focus on some of the long-term indicators,” Jessop said, referring to the current market crash and reaffirming his belief in crypto’s long-term future. “We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”

See related article: Nexo and Fidelity Digital Assets expand institutional lending services