Fidelity Tech Hiring Spree’s Crypto-Focused Business Plans

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A subsidiary of Fidelity Investments, launched a few years ago to allow institutional investors to store and trade bitcoin, plans to double its headcount this year as it forecasts growing demand for the cryptocurrency amid volatility of the market.

Fidelity Digital Asset Services LLC plans to hire 110 technicians, including engineers and developers with blockchain expertise, to build digital infrastructure to support cryptocurrency services beyond bitcoin, Tom Jessop said. , its president. The subsidiary also plans to add 100 customer service specialists.

Fidelity Digital Assets’ planned expansion comes after Fidelity Investments said in April that it would allow retirement savers to put bitcoin in their 401(k) accounts later this year, the first major retirement plan provider to do it.

At Fidelity Digital Assets, founded in 2018, technology hires will help build infrastructure to support custody and trading services for ether, the digital currency on the Ethereum network, Jessop said. The platform was designed to manage the storage, securing and exchange of bitcoins.

Tom Jessop, President of Fidelity Digital Assets


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The team will also migrate data and applications from the platform to the cloud to support faster transactions and around-the-clock business support and ensure the platform continues to offer industry-leading security. institutional level as it develops, Mr. Jessop said. Additionally, the team will work on compliance and tax reporting tools, he said.

Despite market turmoil, including a sharp decline in cryptocurrency prices in recent weeks, Fidelity Digital Assets said it plans to continue investing in technology that supports crypto trading.

“We try not to focus on downturns and focus on some of the long-term indicators,” like customer demand, Jessop said. “We try to build infrastructure for the future because we measure success over years and decades, not weeks and months.”

Mr. Jessop joined Fidelity in January 2018 after a nine-month tenure as chairman of blockchain company Chain Inc. Prior to Chain, he spent 17 years in various senior roles within the Goldman Sachs group. Inc.

The effects of falling crypto prices on Fidelity Digital Assets have been minimal, Jessop said, though he acknowledged new customer acquisition has slowed.

Fidelity Digital Assets has about 400 clients, including registered investment advisers, hedge funds and asset managers, according to Terrence Dempsey, the subsidiary’s chief product officer.

Demand for engineers and developers working on blockchain and cryptocurrency initiatives continues to grow regardless of market pressures, said Dylan Gomez, director and head of software engineering at financial services recruiter Selby. Jennings. “There’s definitely more competition and the pay has gone up,” he said.

According to the information technology professional group CompTIA, between January 1 and May 24, advertisements for positions requiring cryptography skills had quadrupled compared to the period of the previous year.

Continued interest in crypto and blockchain talent from large traditional financial services firms is a sign that digital currencies are becoming central to their business, Gomez added.

Write to Suman Bhattacharyya at [email protected]

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