Financial services giant Fidelity is reportedly doubling down on digital assets by looking to expand its crypto unit.
According to a new report by Bloomberg, Fidelity Investments is expanding the hiring spree it sparked in May by looking to add 100 new members to its crypto workforce, bringing the total number of employees in its virtual assets division to around 500.
An anonymous company representative told Bloomberg that the firm is planning to add staff members to the client services, operations, business development, technology, and marketing and compliance departments of its crypto division, Fidelity Digital Assets.
The source also said that Fidelity’s hires will span across many regions, including New York, Boston, Dublin, and London.
The $4.5 trillion asset manager, which launched Fidelity Digital Assets in 2018, is reportedly attempting to capitalize on the recent troubles in the crypto asset industry which have caused massive employee turnover rates across numerous digital asset exchanges, such as Crypto.com, Coinbase, and BlockFi.
Earlier this week, Fidelity announced that it would be offering its customers exposure to Ethereum (ETH) through the new Fidelity Ethereum Index Fund. The fund is only available to traders who are able to invest $50,000 at minimum.
Before that, Fidelity began offering 401(k) retirement plans that had king crypto Bitcoin (BTC) as an investment option, which was met with skepticism by both regulatory agencies and lawmakers.
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