Fidelity Crypto Branch to Increase Staff by 70%, President Sees “Greater Interest in Ether” – Bitcoin News

According to Tom Jessop, president of Fidelity Digital Assets, the company plans to increase its workforce by 70% as demand for cryptocurrencies continues to occupy the business. Fidelity Digital Assets, the subsidiary of wealth management firm Fidelity Investments Inc., has also seen significant demand for Ethereum.

Crypto Demand Pushes Fidelity’s Digital Assets to Increase Staff

Fidelity Digital Assets is looking to increase its workforce at its Boston, Salt Lake City and Dublin locations, according to a Bloomberg interview with Tom Jessop. The new hires will be dedicated to creating new products that expand into other areas of crypto assets besides bitcoin.

“[2020] was a real breakthrough year for space, given the interest in bitcoin that accelerated when the pandemic began, ”said Jessop. But Jessop also added:

We have seen a greater interest in the ether, so we want to be ahead of that demand.

The company will also trade digital currencies more often, Jessop pointed out. He explained that crypto trading is a 24/7 environment, unlike traditional markets. “We want to be in a place where it’s full time for most of the week,” Fidelity Digital Assets explained in his interview.

Fidelity Digital Assets President Describes New Types of Institutional Demand

Jessop further explained that the institutional fervor for crypto assets still exists and is growing. The president clarified that hedge funds and family offices come to the company for services. These days, however, Jessop has made it clear that businesses and pension agencies are also entering the world of crypto.

The chairman of Fidelity Digital Assets conducted his interview with Matthew Leising, a Bloomberg contributor who regularly covers the crypto scene. A few years ago, Leising wrote an article claiming that Satoshi Nakamoto wrote a book. Last year, Jessop explained that bitcoin is not yet a true store of value, but he remained convinced that the main crypto asset will achieve that status.

Jessop’s interview with Leising highlights that Fidelity Digital Assets appears to focus on other digital assets besides bitcoin (BTC). “Bitcoin has been the entrance to a lot of institutions,” concluded Jessop in his interview. “It now really opens a window to what else is going on in space,” he added.

What do you think of the recent interview with Tom Jessop, President of Fidelity Digital Assets? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Fidelity Investments Inc.