Fidelity Investments It will hire an additional 100 workers for its digital asset operations as it expands its efforts to lure talent away from struggling crypto firms.
A company representative told Bloomberg News that the new round of hiring will bring Fidelity’s digital asset staff to about 500 by the end of the first quarter of 2023. The division has previously doubled its staffing number since May, Sunday (October 23). ) Report from Bloomberg.
The new hires are in the customer services, operations, technology, business development, marketing and compliance departments of Fidelity Digital Assets, 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 pressing ahead with its plans to offer the option to invest in cryptocurrency in some employer-sponsored retirement plans, despite opposition from US lawmakers and the Department of Labor, which oversees 401(k) plans.
Fidelity digital asset accounts will give employers the option to allow participants to invest up to 20% of their accounts in Bitcoin.
The company is strengthening its crypto employees at a time when the industry is experiencing massive amounts of layoffs, opening the door to opportunities in more traditional financial institutions.
Learn more: Crypto.com cut 30%-40% of staff
PYMNTS noted earlier this month that challenging market conditions had caused crypto exchange Crypto.com to slash jobs while also ending some brand partnerships. The company has reportedly reduced its number of employees by more than 2,000 – or 30% to 40% of employees.
Crypto.com had previously announced that it would cut 260 jobs, or 5% of its employees.
In June, Coinbase CEO Brian Armstrong announced 1,100 job cuts – or about 18% of its workforce – as the Nasdaq-listed company’s share price plummeted along with that of bitcoin and other cryptocurrencies. Crypto exchange Gemini cut 10% of its workforce around the same time.
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