Fidelity Digital Assets to Expand Crypto Team With 100 New Hires

Defying the crispy crypto winter and the several layoffs which are on a trend in the crypto industry, Fidelity Digital Assets, the independent digital asset subsidiary of investment juggernaut Fidelity Investments has announced plans to double down on its crypto push by adding 100 more employees to its team within the next three to six months. 

This announcement was made by Chris Tyrer, head of Fidelity Digital Assets Europe and head of Fidelity Digital Asset Management, during the Blockworks Digital Asset Summit. According to Tyrer, this will scale up the Fidelity Digital Assets workforce to around 500 headcounts, a process which already started earlier this year, precisely in May.

“We’ve gone through a fairly aggressive hiring spree over the last 12 months and we probably, in excess, doubled the size of our organization. We’re probably looking at adding another 100 over the next three to six months,” Tyrer announced

Fidelity Digital Assets Utilize Harsh Crypto Winter

The harsh crypto market condition has unsuccessfully deterred Fidelity from crypto expansion. Rather, it has served as bait to lure exceptional talents from distraught firms. Collectively, companies like Crypto.com, Coinbase Global Inc., NYDIG, WazirX, and BlockFi Inc. plus many others have laid off thousands of employees in this period.

Some traditional financial institutions who seem to be almost unaffected by the crypto blood bath which has robbed the industry with almost $2 trillion in cryptocurrencies, see the crypto winter as an opportunity to onboard staff who broke camp with digital asset firms. 

All of the prospective hires which will be added to Fidelity Digital Assets will also cut across several regions where the firm is located including Boston, New York, London, and Dublin. Also, they will add staff across multiple functions like technology, business development, operations, client services, marketing, and compliance. 

Fidelity was one of the few investment giants that has long been vested in crypto. Holding about $9.9 trillion in assets under management (AUM), it launched its digital assets arm for Wall Street customers in 2018. The firm recently unveiled an Ethereum (ETH) Index Fund which will give clients will have access to ETH, thereby expanding crypto offerings.