Crypto-based business of Fidelity Plans to Double its Head Count

Fidelity Investments' subsidiary, which was established a few years ago to allow institutional investors to store and trade Bitcoin, predicts that demand for cryptocurrencies will increase amid market fluctuations, and considering this, it plans to double the number of personnel.

Fidelity Digital Asset Services LLC will hire 110 engineers and developers with blockchain expertise, to build a digital infrastructure that supports crypto services beyond Bitcoin. The subsidiary will also employ 100 customer service specialists.

A planned expansion at Fidelity Digital Assets comes after Fidelity Investments announced that it will allow retired savers to put Bitcoin into their 401(k) accounts later this year in April, making it the first major retirement plan provider to do so. 

Founded in 2018, Fidelity Digital Assets said the technology adopted will help build the infrastructure to support the storage and trading services of Ethereum, the digital currency of the Ethereum network. The platform was built to handle Bitcoin storage, backup, and transactions.

Despite marketplace turmoil, consisting of a steep drop in cryptocurrency fees in the latest weeks, Fidelity Digital Assets stated it deliberate to maintain making an investment in a generation that helps crypto trading.