In a sweeping motion, a subsidiary of Fidelity Investments, Fidelity Digital Assets, is expanding its company headcount. The employees will double in amount as the company makes an addition of 110 tech employees by the end of 2022. In the latest blockchain technology news, the new staff will include engineers and developers of blockchain applications.
Why Ethereum is Coming to Fidelity
The president of Fidelity Digital Assets, John Jessop, states that this is a move in continuity of the company’s effort of diversification of its offerings. In April, the company announced that it would start offering investment opportunities to its clients with Bitcoin. Clients would be able to allocate their retirement corpus to Bitcoin. Set to become available soon, this will enable the company’s clients to place 20% of their wealth in Bitcoin. Besides building the infrastructure required to facilitate Ethereum, all the adequate data and applications will be migrated to the cloud to enhance the speed of transactions.
More Diversity, Better Goals
Jessop made a statement to the Wall Street Journal, explaining how an additional 100 customer support staff will provide round-the-clock support to clients. Fidelity’s expansion of bringing Ethereum into its fold is nothing short of aggressive. It defies the general present sentiment of the market, which is bearish. Nonetheless, Jessop has denied any overall effects of market volatility on the company, stating that these have been kept at a minimum. The only tangible effect seems to be a marginally slower pace of client acquisition. Jessop says the company already has a strong client base and its focus is to offer long-term benefits. There is also an ever-growing demand for new crypto with clients.