Marketing assets

Fidelity More Bullish on Crypto as Its Digital Assets Arm Plans to Increase Staffing

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Fidelity Investments, which manages some $4.5 billion in assets under management, is stepping up its long-term bullish bets on the cryptocurrency industry as its digital assets business plans to increase its workforce by 100 other workers over the next three to six years. months, bringing the total to around 400.

The hires will span a number of functions, including client services, operations, technology, business development, marketing and compliance, a spokesperson for Fidelity Digital Assets told Seeking Alpha via email.

This follows the FDA’s approval for its institutional clients earlier this week to buy, sell and transfer Ethereum (ETH-USD) starting Oct. 28 in response to growing customer interest, CoinDesk reported, citing a note.

Given these actions, the FDA, which was launched in 2018 and offers a custodial and trading platform and asset management products to its clients, seems unfazed by the recent market downturn which has boosted a slew of crypto-related businesses, such as crypto exchanges Coinbase Global (PIECE OF MONEY) and Gemini, to lay off workers.

“This suggests that larger companies with larger balance sheets, which are able to weather the storm, will capitalize on the downfall of others,” GlobalBlock analyst Marcus Sotiriou wrote in a note.

In mid-September, Fidelity reportedly considered activating bitcoin (BTC-USD) trader for his plus 34 million brokerage clients.