By Marcus Soterio, analyst A publicly listed digital asset broker GlobalBlock (TSXV: Block).
As Bitcoin continues its sideways crawl, Fidelity Digital Assets confirms its long-term optimism about the crypto industry. The investment giant’s digital assets division will double in hiring as it plans to add another 100 new employees over the next six months.
Speaking on a panel at the Blockwork Digital Asset Summit in London this week, Chris Thierer, head of Fidelity Digital Assets Europe and head of Fidelity Digital Asset Management, said:
“We’ve had a really aggressive recruitment period over the last 12 months and have probably doubled our company. We are looking at adding another 100 in the next three to six months.
This brings the number of units to around 600.
Fidelity manages around $9.9 trillion and has been immersed in the crypto industry for years. Their recent actions have become more bullish on the sector, as they recently launched an Ethereum index fund (allowing institutional clients to access ETH later this month) and a digital asset exchange with Charles Schwab and Citadel Securities.
This move by Fidelity bucks a significant bearish trend among many crypto companies. Coinbase, BlockFi, Crypto.com and market maker GSR, among others, have mostly had to cut at least 20% of their staff in recent months. This suggests that large companies with large balance sheets, which have weathered the storm, benefit from the failure of others.