Fidelity Expands Crypto Division by 25%

Fidelity Investments is hoping to expand its already-expanding digital asset sector by 25%, or roughly 100 personnel.

Fidelity Investments, which now manages $4.5 trillion in assets, is allegedly looking to hire an additional 100 staff to expand the firm’s developing digital asset division—a sharp contrast to what most other firms are doing amid the protracted bear market. According to a Fidelity spokesman, the firm has launched a fresh round of hiring, which when finished would boost the firm’s digital asset headcount to 500 by the end of Q1 2023.

Fidelity currently has 74 job openings for digital asset-related positions, including blockchain, business analysis, finance and accounting, customer support, product development, and corporate services. The bulk of opportunities is in the United States, with the majority in Fidelity’s headquarters in Boston, New York, Colorado, and Utah. According to Bloomberg, the new positions will be based in the United States, the United Kingdom, and Ireland.

Many organizations have laid off employees and others have gone bankrupt as a result of the current bear market, making it very easy for firms with the potential to scoop up brilliant people. Fidelity’s hiring frenzy coincides with the company’s expansion into the digital asset industry. The company stated in April that it would integrate Bitcoin into its range of offerings.

According to sources, the company would allow investors to include a Bitcoin account in their 401(K) plans, making it the first big retirement plan provider to do so. In September, the company reportedly intimated that its 34.4 million investors might be able to trade Bitcoin. While the firm has not formally announced the change, rumors have spread that it is in the works.

Fidelity announced earlier this month that its Ethereum Index Fund had raised $5 million in the first week and a half of its September 26 launch.

When the company submitted registration filings with the US Securities and Exchange Commission, it provided the facts. Outside investors can also participate in the fund, with a minimum commitment of $50,000, according to Fidelity.

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