Fidelity Digital assets go against the grain and embark on a massive recruiting initiative despite the current bearish trend.
This hiring strategy is in stark contrast to industry trends, which have seen numerous major crypto companies laying off staff. The downsizing trend had roped in industry heavyweights such as GSR,WazirX,Checkout.com and Robinhood.
Fidelity is targeting around 100 new employees from this recruitment drive within the next 6 months. This would bring their total manpower figures to around 500.
“We have gone through a fairly aggressive hiring spree over the last 12 months and we have probably, in excess, doubled the size of our organization,” said Chris Tyler, head of Fidelity Digital Assets Europe and head of Fidelity Digital Asset Management.
The firm is hardly an industry novice, overseeing $9.9 trillion. It has recently revealed an Ethereum index fund and also unveiled a digital asset exchange in partnership with Charles Schwab and Citadel Securities.
Fidelity Digital Assets, an independent arm of the larger company, recently unveiled a new service offering ether to institutional clients, with expectations to be fully operational by the end of this month. This will be coupled with its already existing Bitcoin trading and holding services. Fidelity digital assets operate as two separate businesses.
One is in the form of a platform, covering everything from custody to trade execution, and the other one takes on the form of asset management.
This is not the first time that the firm has come under the spotlight for taking on a massive and ambitious recruitment drive, in May this year reports came out that the firm was planning to hire 110 tech workers and 100 customer service specialists this year alone.
Many executives have had to downsize, but some have had to go beyond that and step down themselves. This unprecedented move of recruitment will surely raise a lot of eyebrows, with keen interest coming from industry insiders and those speculating on whether this means that the industry is recovering so they can once again resume investing.