Fidelity Digital Assets, the crypto-focused arm of the asset manager Fidelity, plans on hiring as many as 100 employees to bolster cryptocurrency projects in response to institutional demand in crypto, reports Bloomberg.
Fidelity Digital Assets president Tom Jessop told Bloomberg that the firm intends on hiring employees in its Dublin, Boston and Salt Lake City offices. Cryptocurrencies other than bitcoin will be the focus of these new projects — ether in particular, as the firm reportedly saw increased interest in the Ethereum-based cryptocurrency in the midst of its all-time high in May.
The firm also seeks to provide as much full-time crypto trading as possible, reports Bloomberg, as opposed to traditional finance trading that end in the afternoon or on weekends.
The hiring moves come amid a busy 2021 for Fidelity's crypto-focused venture. In March, the firm joined the crowded race to create a bitcoin exchange-traded fund, as reported at the time.
In April, Fidelity unveiled a data analytics tool for institutional investors, dubbed SherlockSM.