Fidelity Digital Assets Set To Hire 100 Additional Employees
- During a panel at the Blockworks Digital Asset Summit, the head of Fidelity Digital Asset Management and the head of Fidelity Digital Assets Europe, Chris Tyrer, revealed that it is not backing down in the ongoing crypto bear market.
- He explained that there are two different businesses: platform services, which include everything from custody to trade executions, and asset management.
- There are currently around 400 employees working for Fidelity Digital Assets.
Renowned financial services company Fidelity Investments’ digital asset subsidiary, Fidelity Digital Assets, is planning to hire 100 new employees over the next six months.
During a panel at the Blockworks Digital Asset Summit, the head of Fidelity Digital Asset Management and the head of Fidelity Digital Assets Europe, Chris Tyrer, revealed that they are not backing down in the ongoing crypto bear market and are aiming to increase their headcount to around 500.
He stated:
“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.”
According to Tyrer, there are currently around 400 employees working for Fidelity Digital Assets. He explained that there are two different businesses: platform services, which include everything from custody to trade executions, and asset management.
According to a source with knowledge of the matter, the new workers will all be employed by Fidelity Digital Assets and will work in a variety of departments, including technology, business development, client services, marketing, and compliance.
Fidelity Digital Assets reportedly planned to add 110 tech staff and 100 customer support professionals this year, according to a May Wall Street Journal report.
Fidelity, with its deep roots into the crypto industry, oversees $9.9 trillion in assets. It has recently revealed an Ethereum Index fund and partnered with Charles Schwab and Citadel securities to launch a digital asset exchange.
Fidelity Digital Assets, an independent crypto-focused subsidiary of Fidelity Investments, has also recently announced its plans to offer Ether to its institutional clients by the end of October 2022, in addition to its existing Bitcoin trading and custody offerings.
The company’s hiring strategy contrasts with staff layoffs at a number of major crypto companies, including Coinbase, WazirX, and Robinhood. GSR, one of the oldest market makers in the industry, let go of almost 20% of its workforce last week.
Moreover, a large number of companies, including FTX, Kraken, and NYDIG, are also witnessing a heavy number of resignations by executives this crypto winter.
Describing the current hiring environment, Tyrer stated:
“I think there’s a windfall opportunity, where we’ve seen some of the Coinbase, the BlockFi’s and so on of this world reduce 20% of their workforce, which is actually softened that pressure.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
