Fidelity Investments’ crypto trading arm Fidelity Digital Assets seeks to procure more staff for the smooth functioning of the services related to crypto. HR Department has been told to increase manpower by a further 70%.
Fidelity Digital Assets are a growing concern in the crypto space. It was established by a globally famous investment group called Fidelity Investments Inc. Currently, the crypto trading arm of Fidelity Investments believes that it is short of manpower. There is the need to immediately employ more workforce as the crypto trading demand on the platform is growing very fast.
Tom Jessop, who is the President of Fidelity Digital, said that the firm is facing an acute shortage of workforce. The President has instructed the HR Department of the firm to hire at least 70% new staff with knowledge of crypto. The staff is urgently required in multiple branches of Fidelity Digital such as Dublin, Lake City, Salt, and Boston.
The President further apprised that the fresh lot of employees will be working towards developing fresh crypto products. However, these products will primarily be for digital assets other than Bitcoin, told the President. The President further suggested that the majority of the firm’s customers are interested in Ethereum buys. Currently, the demand for Ethereum has gone higher than Bitcoin in the last two months.
Jessop commented that the big breakthrough for the firm came in 2020 because of the continuous growth and surge in Bitcoin. However, in the past couple of months, the customers’ interest has made a huge shift. There is huge demand against Ethereum while there is not a very promising demand towards Bitcoin. He stressed further that from now on Fidelity Digital will make sure that it will provide for further digital assets. He noted that crypto trading is a business that operates 24/7 and 365 days a year. This is why the crypto market is unique and diverse from the traditional trading market.
As regards the institutional passion towards crypto, Jessop said that it is still there and growing bigger. He also told that several hedge fund managers are also reaching Fidelity Digital for crypto services.
In his latest interview with Bloomberg, Jessop suggested that Bitcoin is currently searching for its place. It will take time for Bitcoin to become what people claim it to be i.e. store of value. However, that time has not come yet but it will come inevitably with the passing of time.
Examining his statement, it seems as if Fidelity Digital’s focus has now turned towards other digital assets instead of Bitcoin. But Bitcoin had served the digital asset firm in earning itself a brand name. According to Jessop, Bitcoin will be back on its feet after a while but till then the firm would need to focus on Ethereum.