Investment manager Fidelity Investments is hiring 100 new people for its digital assets unit, Suggesting that the firm is looking to build its crypto business in a bear market.
Bloomberg was the first to report the recruitment process. It said the new appointments will increase the workforce at Fidelity Digital Assets to nearly 500 by the end of the first quarter of 2023.
With over $10.3 trillion in assets under management, Fidelity is one of the largest investment managers in the world. However, it has shown significant interest in digital assets over the years. Establishment of a digital asset entity in 2018.
Continue Pro-Crypto Moves
Since then, the entity has been one of the leading institutional advocates of digital assets. and is pursuing the adoption campaign. It started with giving institutional clients access to digital asset trading and custody.
Earlier this year, Fidelity announced plans to give participants in its 401(k) plan the chance to invest part of their retirement savings in bitcoin.
However, the announcement generated a strong reaction from the Labor Department and some members of Congress.
Meanwhile, Fidelity Digital Asset also launched two exchange-traded funds in April to track companies in the crypto sector and the metaverse.
Fidelity Beef Up Workforce
It should come as no surprise that Fidelity is taking advantage of the bear market to bolster its workforce.
According to a Bloomberg report, it is adding employees in divisions such as client services, business development, operations, technology, compliance, marketing and business development.
A source familiar with the decision said Haier will be spread across the unit’s regional offices in New York, Dublin, Boston and London.
The current bear market provides a perfect opportunity for the company to easily acquire talented professionals. Since many crypto-focused firms have been forced to reduce their workforce.
While some employees lost their jobs due to the bankruptcy of crypto-focused companies, thousands of others were fired.
However, Fidelity’s decision to hire now also shows the level of conviction it has in the crypto space, given that over $2 trillion has been wiped out from the market cap since late last year.
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