- 15 June 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, Institutional Relations, World News
Fidelity Investments is the fourth largest asset manager globally, with over $4.5 trillion in assets under management, and founded Fidelity Digital Assets in 2018 with the aim of providing custody and trading services for Bitcoin.
From a report in the Wall Street Journal, Fidelity is planning to offer custody and trading services for Ethereum and other cryptocurrencies.
Through Fidelity Digital Asset Services LLC, it is looking to hire 110 technology workers with blockchain experience, including developers and engineers, and 100 customer service specialists.
These new hires are expected to help build the infrastructure needed to support Ethereum services.
The report comes a month after Fidelity Investments announced it will offer investors the option to include Bitcoin in their 401(k) retirement accounts, with a maximum allocation of 20 per cent, and after the Boston-based group listed two ETPs (which are then single-asset ETFs) on the Zurich Stock Exchange.
The listing involves the physical replication of Bitcoin and thus spot purchases directly on the market for the fund.
Fidelity has shown a remarkable openness to digital assets by responding to the huge growth in demand for exposure by its clients to digital assets in various demographics.
Fidelity Digital Assets will also move platform data and applications into the cloud to provide faster transactions, 24/7 trading support and institutional-grade security. The entity will also build tax compliance and reporting tools.
A very interesting reaction from Fidelity Digital Assets president Tom Jessup, who when asked to comment on the recent market downturn triggered by the collapse of the Earth Protocol told the WSJ:
“We are trying to build an infrastructure for the future because we measure success over years and decades, not weeks and months.”