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Fidelity Digital Assets is set to expand its cryptocurrency team as corporate demand grows.

The company plans to increase its cryptocurrency workforce by 70% and hire about 100 new employees in Dublin, Boston and Utah amid strong interest from institutional investors, according to Tom Jessop, president of Fidelity Digital Assets. 

 
“[Last year] was a real breakthrough year for space, given the interest in bitcoin that accelerated when the pandemic began.”

Currently, Fidelity digital assets provides bitcoin-only (BTC) – specific storage and trading services. But with the pandemic helping push crypto demand to new heights, Jessop wants to faithfully move forward as the next wave of crypto adoption arrives. He said he was looking for the second largest cryptocurrency with a market capitalization of Ethereum (ETH).

“We are seeing more interest in ether, so we want to get ahead of this problem.”

In addition to offering more crypto assets, Fidelity Digital Assets is developing a plan to keep transactions open for longer, given that crypto markets never close, unlike traditional financial markets. 

Jessop also notes that since the opening of Fidelity’s crypto investment unit, the company has seen demand primarily from family offices and hedge funds. Demand now seems to be reaching out to pension advisers and companies looking to own the cryptocurrency as an asset. He says the biggest change for new and existing customers is the “diversity of interest” in other cryptocurrencies. 

“Bitcoin was the entrance of many institutions. It really opens a window into what else is going on in space.”

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