Fidelity to Offer Ethereum Trading and Custody, Plans Hiring Spree

Fidelity Investments’ subsidiary Fidelity Digital Asset Services is planning to offer services for the custody and trading of Ethereum and other cryptocurrencies, according to a report by the Wall Street Journal. JUST IN: Fidelity has announced plans to offer #Ethereum trading and custody services. — Watcher.Guru (@WatcherGuru) May 31, 2022 Currently employing around 200 people, Fidelity Digital Asset Services plans to hire 110 tech workers with blockchain expertise, including developers and engineers in addition to 100 customer-service specialists. On being asked about the recent market downturn triggered by Terra’s UST and LUNA collapse, President Tom Jessup told the WSJ that they were trying to ‘focus on some of the long-term indicators.’ “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 added. Fidelity Investments is a US-based company and the fourth-largest asset manager in the world with over $4.5 trillion in assets under management. The news comes just a month after Fidelity Investments announced they would be offering investors the option of including Bitcoin in their 401(k) retirement accounts, with a maximum allocation of 20%. While lauded by some, the plan was met with skepticism from the U.S. Labor Department, which warned of the speculative natur...