Fidelity makes its next move in crypto.
Until now, Fidelity investments was accepting bitcoins in its company under its subsidiary Fidelity Digital Asset Management company. Being a company that involves in managing assets of its customer, Fidelity felt there was a need in the market, as crypto investors were growing rapidly, that there would be a day when crypto investors would need an external party to handle their assets. As a functional step, Fidelity Investments announce Fidelity Digital Assets management which looks into managing the digital assets such as cryptocurrencies. Until now, bitcoins were the only currencies which were managed by Fidelity. But all that is in the past. Fidelity looks forward to start managing more and more cryptocurrencies and as a part of its vision, they have also started accepting Ethereum, which happens to be the second largest cryptocurrency in the world.
How does Fidelity plan in accepting Ethereum? Let’s find out!
In its first move, Fidelity Digital Assets company is looking for hiring new employees that will look beyond the management of bitcoins. The new hires will not be limited to engineers and developers, but also have blockchain specialists and many more. The newly hired people will be set the objective for developing the infrastructure to support services beyond bitcoin.
The new hired personnel will be deployed to handle, improve and create infrastructure and technical aspects to support the custody and trading services of Ethereum. This move truly justifies the company’s vision of providing a diversified range of services to its customers.
The newly hired people will also look into developing a platform to achieve faster transactions from applications to the cloud. Jessop told the Wall Street that, an additional 100 customer service specialists are being hired to provide 24 hour trading support.
Retirement funds to be allocated to bitcoin.
In an attempt to achieve its vision, Fidelity in April went on to announce that, it will allow its users who are already retired to transfer their funds into bitcoin. The plan which is still in process and will come in existence in few months’ time will allow the customers to allocate 20% of their pension funds in bitcoin.
Crypto’s bear market influence.
Even though the market is in bearish phenomenon, Fidelity is looking at long term goals and is aggressively marching towards cryptocurrency. They already have 400 institutional clients, and there is a constant demand for new products, especially in Digital asset sphere, which makes the moves of Fidelity acceptable and necessary.