According to Bloomberg, Fidelity Digital Assets, a cryptocurrency-focused unit of the $10.4 trillion investment fund giant, plans to start offering services for new altcoin projects. Currently, Fidelity, which holds and trades Bitcoin, debuted and prospered in the crypto world in 2019. The digital asset company also has other plans at the same time.
Leading altcoin will be listed on Ethereum
Founded in October 2018, the crypto subsidiary began operating for custody and other services in late 2019. Subsequently, in March, Fidelity, which signed a partnership with Silvergate Capital to offer Bitcoin-guaranteed loans, made a proposal to launch a Bitcoin trading fund in the US within the same month.
On top of that, Fidelity Digital Assets, which aims to create enterprise-grade Bitcoin custody and other services for large institutions, has been “incredibly successful” according to the statements made by CEO Abigail Johnson. This success brought with it more demand in the following periods and had a great impact on the company’s thinking about new digital assets. Fidelity’s digital asset unit leader, Tom Jessop, comments on the leading altcoin to be launched as a new fund…
Tom Jessop: There is now more demand for Ethereum
Stating that the demand for Ethereum is increasing gradually, and therefore, after Bitcoin, a place in the fund is left in the chairman altcoin, Jessop makes the following statement:
We’ve seen more interest in Ether, so we want to stay ahead of that demand.
In addition, Cryptocoin. com, the latest development will not be Fidelity’s first engagement with Ethereum. In September 2017, CEO Abigail Johnson announced that her company has “mining plans” for the second-largest cryptocurrency alongside Bitcoin. Fidelity, finally, is on a massive recruitment spree…
Amid expansion to altcoins, experiencing a massive recruitment spree
Along with the new asset it will add to its fund, Fidelity, which is also experiencing a big job recruitment frenzy, plans to increase the number of employees by 100. Digital asset unit leader Tom Jessop argues that Fidelity’s institutional clients now include companies and retirement advisors looking to get involved in crypto. He adds that despite the huge drop in cryptocurrency prices, institutions are actually starting to become more interested in the new asset class.