Bitcoin continues to register great interest from institutions. Due to the strong demand for cryptocurrencies, asset manager Fidelity Digital is now even increasing its staff.
100 new employees in 2021
Bear market? What bear market? As Bloomberg reports, crypto demand among institutions is apparently so strong at the moment that digi-asset manager Fidelity Digital cannot keep up and now has to hire new staff. Background Fidelity: Fidelity Investments is one of the world's largest and most diversified financial services firms. The Boston-based firm manages more than $7 trillion in client assets and says it handles more than 1.3 million trades daily. Fidelity Digital is the company's crypto division. It offers institutions not only crypto trading, but also custody services for bitcoin. On Twitter, the company now announces:
The crypto community welcomes the move. Full-time trader Michaël van de Poppe, for example, sees the expansion as a sign of vibrant crypto markets. He comments:
Fidelity increasing their Digital Asset team by almost 2x means something -> the interest for the market is still massive. Patience is required, but this is some good news about #Bitcoin and crypto from the institutions.
Bloomberg also quotes Tom Jessop, president of Fidelity Digital Assets, in the report. According to Jessop, 2020 was "a real breakthrough year for the space" - interest in Bitcoin exploded due to the pandemic. However, his firm had "seen more interest in Ether" and they wanted to "get ahead of that demand".
As part of the expansion, there are now plans to hire up to 100 people in Boston, Salt Lake City and Dublin. The new team will then be responsible for developing new products and setting the course within the company to offer other cryptocurrencies alongside Bitcoin. In November 2020, Fidelity hired more than twenty engineers to expand its trading and custody services.
According to Jessop, the company also wants to offer crypto trading 24/7 in the future - in other words, all week long, 24 hours a day. Traditional financial markets close over the weekend and at night. Jessop emphasises, however, that the institutional demand for Bitcoin, Ethereum and other digital currencies continues to grow - and the company obviously wants to remain competitive.