Fidelity’s Crypto Branch Is On A Hiring Spree Despite Bearish Market

Fidelity’s crypto branch is on a hiring spree despite the recent bearish market as the company ensures not to end up short-staffed again so let’s read more today in our latest cryptocurrency news.

Fidelity’s push into the crypto sector is not surprising but the hiring plans for the tech roles in the financial service company remained unfazed despite the turbulent state of the market. Fidelity Digital Asset Services LLC is embarking on the effort in tech roles with the blockchain experience. Fidelity’s crypto branch is on a hiring spree and aims to recruit as many tech roles with blockchain experience.

According to the reports by wSJ, President Tom Jessop the company plans to hire 110 engineers and developers to build digital infrastructure and support services for crypto in addition to recruiting 100 customer service specialists. The subsidiary also aims to develop infrastrcuture to support custody and trading services for ETH and as a part of the plans, the subsidiary aims to develop custody services and trading services for Ethereum.

Jessop revealed that the team will move the platform data and applications to the cloud and facilitate faster transactions. The focus will be on offering institutional-grade security as it expands and the compliance and tax reporting tools will be other aspects that the team will be tasked with:

“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.”

Since entering the blockchain space in 2018, Fidelity provided services for BTC alone in the form of custody solutions and trading services for institutional investors. The latest expansion move to Ether came a month after announcing enabling employers to offer workers access to BTC as an investment option in their 401K plans despite many being against it.

The US Labor Department has concerns over the inclusion of crypto including Bitcoin in American retirement accounts. A few days after Fidelity opened the retirement accounts to BTC, the acting assistant secretary of the Employee Benefits Security Administration Ali Khawar said they have grave concerns with what Fidelity has done. The EBSA is an agency in the Department of Labor that oversees employer-sponsored retirement plans in the US. The financial services firm announced that it will allow members of the 401K retirement savings program to invest up by 20% in the leading crypto.