Fidelity's crypto unit is going to double the number of its employees as it assumes the demand for cryptos will rise this year. The international financial services company launched Fidelity Digital Assets in 2018 to enable the storage and trading of Bitcoin.
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A publication by Wall Street Journal says the company plans to hire 110 technology specialists, experienced in blockchain. FDA head Tom Jessop said that the unit is expanding to develop an infrastructure that supports services for cryptos other than BTC. It aims to hire 100 helpline experts as well.
Fidelity plans to support custody and trading functions for the second largest crypto, Ether. Jessop said that the team will move platform data and apps to the cloud to provide higher transaction speed, also ensuring a high level of security.
The FDA president said, despite the current decline in the crypto market, the company will keep investing in tech focused on crypto. He mentioned that the team looks at results over years and decades instead of weeks and months.
In April, Fidelity revealed allowing retirement savings in BTC via its 401k plan.