Fidelity Ups Hiring As Crypto Firms Struggle
Fidelity Investments will hire 100 more workers for its digital asset operations as it expands its efforts to lure talent away from struggling crypto firms.
A representative for the company told Bloomberg News that the new round of hires will bring the number of employees in Fidelity’s digital assets business to about 500 by the end of the first quarter of 2023. The division had previously doubled staff since May, on Sunday (October 23). ) report from Bloomberg said.
The new hires are in Fidelity Digital Assets’ client services, operations, technology, business development, marketing and compliance departments, spread across a number of cities, including Boston, New York, London and Dublin.
Read more: Will IRA-friendly ETFs become a reality?
Last month, PYMNTS reported that Fidelity was moving forward with plans to offer the option to invest in cryptocurrency on some employer-sponsored pension plans, despite opposition from US lawmakers and the Department of Labor, which oversees 401(k) plans.
Fidelity Digital Asset Accounts will allow employers to allow participants to invest as much as 20% of their accounts in bitcoin.
The company is bolstering its crypto workforce at a time when the industry is seeing massive layoffs, opening the door to opportunities in more traditional financial institutions.
Learn more: Crypto.com has cut 30-40% of its staff
PYMNTS noted earlier this month that difficult market conditions had prompted cryptocurrency exchange Crypto.com to make significant job cuts while ending some brand partnerships. The company is said to have shrunk by more than 2,000 – or 30% to 40% of employees.
Crypto.com had previously announced that they were cutting 260 positions or 5% of employees.
In June, Coinbase CEO Brian Armstrong announced the elimination of 1,100 jobs — or about 18% of the workforce — as the Nasdaq-listed company’s stock price fell along with the price of bitcoin and other cryptocurrencies. Crypto exchange Gemini cut 10% of its workforce around the same time.
