Fidelity’s crypto unit will double its hiring this year

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(Reuters) – The digital assets arm of Fidelity Investments will double its hiring this year as it seeks to bolster its resources to serve clients who want to invest in crypto assets that trade around the clock.

Fidelity Digital Assets, which currently employs nearly 200 people, is looking to fill 110 new roles in customer services, technology and operations that would also focus on assets beyond bitcoin, a gatekeeper told Reuters on Tuesday. -word of the company.

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“As demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our recruiting efforts,” said Tom Jessop, president of Fidelity Digital Assets.

Last month, Fidelity Investments became the first major retirement plan provider to allow individuals to allocate a portion of their bitcoin savings through their 401(k) investment plans.

The news of the hiring comes weeks after cryptocurrencies suffered a major setback following the collapse of stablecoin terraUSD. Stablecoins are digital tokens pegged to the value of traditional assets.

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Bitcoin last traded at $31,594, down more than half from its all-time high of $69,000 in November.

Digital currency market rout hasn’t deterred private investment as Hong Kong-based crypto lender and asset manager Babel Finance raised $80m at a $2bn valuation last week , while venture capital giant Andreessen Horowitz raised $4.5 billion for its fourth cryptocurrency fund.

(Reporting by Medha Singh in Bengaluru; Additional reporting by Jamie McGeever; Editing by Shounak Dasgupta)

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