Fidelity will increase its crypto unit by 25% through 100 new hires

Fidelity Investments, a $4.5 trillion asset manager firm, is expected to hire 100 more people to help the company’s digital assets division. This contrasts with the recent dearth of crypto-talent.

Bloomberg was informed by a Fidelity representative on Oct. 22 of a new round in hiring. This will increase the Fidelity digital asset’s headcount to approximately 500 by the end 2023.

Cointelegraph was informed by Fidelity that it is in a unique position to provide exposure to the emerging digital asset sector. This statement was made by the company. It also stated that its reasons for seeking more talent for its Digital Assets arm.

Fidelity’s job boards currently show 74 results for digital asset-related jobs. These include areas such as customer service, financial analysis, product development, compliance, and finance.

Nearly all current listings are located in the United States, with the majority of them coming from Boston, New York, Texas and Colorado.

Bloomberg was informed by a spokesperson that the new roles will be located in the United States, United Kingdom, and Ireland.

Fidelity’s hiring spree is due to BlockFi, Coinbase and Gemini being among the largest crypto-native companies to lay off a frenzy of employees, having reduced 20%, 18%, and 10%, respectively.

Large layoffs have likely opened up a new supply of talent in crypto for traditional companies like Fidelity, which can then take them onboard.

Related: Fidelity’s Crypto Ambitions are Greater Than Expected: Report

Given the fervent Fidelity’s efforts to provide more digital asset-related services , it should not be surprising that there has been an increase in investor interest, this expansion of digital asset team should not be surprising.

Cointelegraph was recently informed by a spokesperson for Fidelity that they will offer Ether ( ETH) custody services and trading services to their institutional clients starting Oct. 28, 2022.

Industry participants suggested that the firm might soon offer Bitcoin ( BitcoinTC ) trading services for its 34,000,000 retail customers.

The company did not confirm the speculation, but only noted that it was still focusing on expanding its offerings to allow wider access to digital assets.

The company has already launched a service that allows 401k retirement account holders to directly invest in Bitcoin.

Update at 1:30 AM UTC Oct. 26, 2012: Comments from Fidelity were included to this article.

Opinion writer on 7trade7