Fidelity’s crypto arm is on a hiring spree despite the bear market Fidelity’s aggressive push into the cryptocurrency sector isn’t surprising. Despite the volatility in the market, Fidelity has continued to plan for the hiring of tech roles within its financial service business.
Fidelity Digital Services LLC, its subsidiary, is launching a recruitment campaign for tech jobs with blockchain experience. According to WSJ’s report, President Tom Jessop claimed that the company intends to hire 110 engineers and programmers to create digital infrastructure to support cryptocurrencies. Additionally, 100 customer service specialists have been hired. The subsidiary plans to expand its infrastructure in support of trading and custody services for Ethereum (ETH) as part of its expansion plans. Jessop revealed that the team will migrate platform data and applications into the cloud in order to facilitate faster transactions, 24-hour trading support, and quicker transactions. As it expands, the emphasis will be on institutional-grade security. Other aspects of the team’s responsibility include compliance and tax reporting tools. Jessop added, “We’re trying not to focus on the downturns and focus on some of the long-term indicators. We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.” Fidelity started exploring blockchain in 2018 but has only provided trading and custody services for institutional investors. It announced the latest Ether expansion move a month ago, allowing employers to allow workers to access Bitcoin as an investment option in 401(k). This despite Senator Elizabeth Warren of US and Senator Tina Smith of Democrat raising concerns about it.