Fidelity Digital Assets to Expand its Workforce by 70% in Response to Surge of Crypto Demand

Fidelity Digital Assets, part of Fidelity Investments, one of the world's largest financial services providers, is reportedly planning to expand its workforce by about 70% to meet the increasing demand for cryptocurrency services from institutional investors. 

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Fidelity Digital Assets president Tom Jessop reveals that the firm intends on hiring about 100 workers in technology and operations in Dublin, Boston and Salt Lake City offices. "Last year was a real breakthrough year for the space, given the interest in Bitcoin that accelerated when the pandemic started," said Jessop, "the employees will help the business develop new products and expand into cryptocurrencies besides Bitcoin."

So far, Fidelity Digital offers only custody, trading and other services for Bitcoin. But the firm aims to develop new projects by expanding its current crypto offerings beyond Bitcoin— ether in particular, as the firm reportedly saw increased interest in the Ethereum-based cryptocurrency in the midst of its all-time high in May.  "We've seen more interest in Ether, so we want to be ahead of that demand," Jessop said. 

The firm also seeks to provide as much full-time crypto trading as possible, as opposed to traditional finance trading that end in the afternoon or on weekends.