Fidelity's Crypto Branch to Increase Staff by 70%, President Sees 'More Interest in Ether'

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According to Tom Jessop, president of Fidelity Digital Assets, the company is planning to increase staff by 70% because demand for cryptocurrencies continues to keep the firm busy. Fidelity Digital Assets, the subsidiary of the wealth management firm Fidelity Investments Inc., has also seen a significant amount of demand for ethereum.

Crypto Demand Pushes Fidelity Digital Assets to Increase Staff

Fidelity Digital Assets is looking to increase staff at its locations in Boston, Salt Lake City, and Dublin, according to a Bloomberg interview with Tom Jessop. The new hires will be dedicated to building new products that extend into other areas of crypto assets besides bitcoin.

“[2020] was a real breakthrough year for the space, given the interest in bitcoin that accelerated when the pandemic started,” Jessop said. But Jessop also added:

We’ve seen more interest in ether, so we want to be ahead of that demand.

The company will be trading digital currencies more often as well, Jessop stressed. He explained that crypto trading is a 24/7 environment, unlike traditional markets. “We want to be at a place where it’s full-time for most of the week,” the Fidelity Digital Assets explained during his interview.

Fidelity Digital Assets President Describes New Types of Institutional Demand

Jessop further explained that Institutional fervor for crypto assets still exists and is rising. The president clarified that hedge funds and family offices approach the company for services. These days, however, Jessop detailed that corporations and retirement agencies are stepping into the crypto world as well.

The Fidelity Digital Assets president conducted his interview with Matthew Leising, a Bloomberg contributor that covers the crypto scene regularly. A few years ago, Leising, wrote an article that claimed Satoshi Nakamoto was allegedly writing a book. Last year, Jessop explained that bitcoin is not a true store of value just yet, but he remained positive the leading crypto asset will attain this status.

The Jessop interview with Leising highlights that Fidelity Digital Assets seems to have a focus on other digital assets besides bitcoin (BTC). “Bitcoin has been the entry for a lot of institutions,” Jessop concluded in his interview. “It’s now really opening up a window on what else is going on in the space,” he added.

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