Fidelity Digital intends to hire an additional 100 staff for its cryptocurrency business in order to meet the increased demand from institutional investors.
According to reports, Fidelity Digital, the cryptocurrency arm of global asset management giant Fidelity Investments Inc., will hire more employees to support the company’s growing cryptocurrency business.
According to a report published on Monday by Bloomberg, the company intends to boost its workforce by approximately 70% in order to manage the increasing demand from institutional crypto investors.
According to reports, the augmented personnel, which is expected to number at least 100 people, would be deployed to locations in Salt Lake City, Boston, and Dublin.
President Tom Jessop stated that the company is trying to offer exposure to additional cryptocurrencies in addition to Bitcoin (BTC) as part of the worker headcount expansion, telling Bloomberg: “We’ve seen more interest in Ether, so we want to be ahead of that demand.”
As a matter of fact, institutional interest in Ether (ETH) has been increasing since the beginning of the year, with investment inflows for ETH-based products often outperforming those for Bitcoin on certain occasions.
Apart from assisting the company in expanding its crypto investment and custody inventory, the new hires will apparently assist the company in extending its operating hours in an effort to provide full-time services “for the majority of the week.”
In contrast to the traditional trading arena, the cryptocurrency market is open 24 hours a day, seven days a week. According to Jessop, Fidelity Digital must scale up its activities in order to reflect this operating paradigm.
Jessop also provided a unique viewpoint on the evolution of institutional crypto interest beyond hedge funds and family offices, which was a valuable addition to the discussion. A spokesperson for Fidelity Digital stated that retirement advisors and corporations are now exploring ways to gain exposure to cryptocurrency assets.
Former Cornell University professor Emin Gün Sirer, the creator of Avalanche Blockchain and former Cornell University professor, recently stated that retirement funds were hoping to become the next big-money participants in the cryptocurrency field.
Even the present bear market in cryptocurrency has done little to dampen the excitement of institutional investors for the asset class.
More recently, in July, Marshall Wace, a hedge fund with a $55 billion market capitalization, revealed ambitions to invest in late-stage blockchain companies, with a particular emphasis on digital payment systems and stablecoins.