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Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block (TSXV:BLOK).
As Bitcoin continues to plateau, Fidelity Digital Assets has proven optimistic about the long-term outlook for the crypto industry. The investment giant’s digital assets division is doubling its hiring as it plans to add another 100 new staff members over the next six months.
Chris Tyrer, Head of Fidelity Digital Assets Europe and Head of Fidelity Digital Asset Management, said at a panel at the Blockworks Digital Asset Summit in London this week.
We have been fairly aggressive in recruiting over the last 12 months, but perhaps even beyond that, we have doubled the size of our organization. I am considering doing it.”
This brings the number of people in the unit to about 600.
Fidelity manages approximately $9.9 trillion and has been immersed in the cryptocurrency industry for years. Their latest move comes as they recently launched an Ethereum index fund (which will make ETH accessible to institutional investors by the end of this month) and a digital asset exchange alongside Charles Schwab and Citadel Securities. It shows that we are becoming more bullish in this area.
Fidelity’s move bucks the bearish trend of significant job cuts seen at many cryptocurrency companies. Coinbase, BlockFi, Crypto.com, market maker his GSR, and others have had to cut headcount by at least 20% in recent months. This suggests that big companies with bigger balance sheets that can weather the storm will take advantage of the downfall of other companies.
