Fidelity to Double Crypto Arm to Prepare for Rising Demand
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31 May

Fidelity Investments is going to double its cryptocurrency-focused subsidiary Fidelity Digital Asset Services as the financial holding company is anticipating rising demand for crypto-related services.

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Tom Jessop, the President of Fidelity Digital Assets, told the Wall Street Journal that the department wants to hire up to 110 people to develop a new infrastructure that will support custody and trading services for ether (ETH). Jessop didn't elaborate if the company plans to go further and add support for other altcoins based on the Ethereum network.

"We're trying not to focus on the downturns and focus on some of the long-term indicators. We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months," he said.

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In addition to crypto trading and custodian services, Fidelity's expanded services will also include compliance and tax-reporting, Jessop says. It is unclear though when exactly Fidelity plans to roll out new services for over 400 clients.

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