Fidelity to bolster crypto unit another 25% with 100 new hires

$4.5 trillion asset management firm Fidelity Investments is reportedly set to hire 100 more people to bolster the company’s growing digital assets division – a stark contrast to the recent crowding out of crypto talent .

A Fidelity representative told Bloomberg on Oct. 22 that the company has begun a new round of hiring that will bring Fidelity Digital Asset’s headcount to around 500 by the end of the first quarter of 2023.

A search on Fidelity’s job site currently shows 74 live results for digital asset-related positions, which cover areas related to blockchain technology, business analytics, customer service, finance and accounting. , product development and corporate services, including compliance.

Almost all of the current listings are based in the United States – with the majority coming from its headquarters in Boston, New York, Texas, Colorado and Utah.

The spokesperson told Bloomberg that the new roles will be located in the US, UK and Ireland.

Fidelity’s hiring spree comes as BlockFi, Coinbase, Gemini and Crypto.com were among the biggest crypto-native companies to lay off a series of employees, after cutting 20%, 18% and 10% respectively.

The massive layoffs appear to have opened up a new pool of crypto talent for traditional companies like Fidelity.

Related: Fidelity’s Crypto Ambitions Bigger Than Expected: Report

The expansion of the digital assets team should come as no surprise given how enthusiastic Fidelity has been about offering more comprehensive services related to digital assets amid growing investor interest.

A Fidelity spokesperson recently confirmed to Cointelegraph that it will be offering ETH custody and trading services to its institutional clients starting October 28, 2022.

In September, industry participants hinted that the company may soon “switch” to offering Bitcoin trading services to its 34 million retail customers.

The company did not confirm the speculation at the time, noting only that “expanding our offerings to enable broader access to digital assets remains an area of ​​interest.”

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

Cointelegraph contacted Fidelity about business expansion plans, but did not receive an immediate response.