Fidelity hires more crypto stuff amid growing institutional interest

    17 Jul 2022

    Fidelity Digital, the crypto subsidiary of the global asset management giant Fidelity Investments Inc., will reportedly hire 100 more people to service the growing needs of institutional investors.

    As Bloomberg reported, Fidelity Digital is planning to increase its staff size by about 70% to handle the growing patronage from big-money crypto investors.

    Numbering at least 100, the increased workforce will reportedly be located in Salt Lake City, Boston, and Dublin.

    Regarding the staff headcount expansion, Fidelity Digital president Tom Jessop said the company is looking to offer exposure to other cryptocurrencies apart from Bitcoin.

    “We’ve seen more interest in Ether, so we want to be ahead of that demand,” he told Bloomberg.

    Aside from diversifying crypto investment and custody catalog, the recruits will also reportedly help the company extend its operating time to offer full-time services. Unlike the traditional trading arena, the crypto market operates 24/7. Per Jessop, Fidelity Digital needs to upscale its operations to mirror this operating paradigm.

    Fidelity Digital’s chief also offered a unique perspective to view the evolution of institutional crypto interest beyond hedge funds and family offices. According to Jessop, retirement advisors and companies are now looking for exposure to crypto assets.

    Last year, the study of Fidelity has shown an increasing appetite of institutional investors for Bitcoin and crypto, while a lack of understanding still is a barrier to wider adoption.

    The 2021 Institutional Investor Digital Assets Study, published by Fidelity Digital Assets, tracked institutional investors’ behavior amid the uneasy situation in traditional markets in the past year. However, the study found that those market conditions pushed many investors toward Bitcoin and other cryptocurrencies, raising the probability of investing in crypto assets up to 44% of investors.

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