Fidelity plans to offer Ethereum custody and trading services. Its subsidiary, Digital Assets, is hiring staff to build the infrastructure needed to provide secure access to the Ethereum network.
Fidelity plans to offer custody and trading services for Ethereum and other cryptocurrencies, according to a new Wall Street Journal report. The report states that Fidelity Digital Asset Services LLC, a subsidiary of Fidelity Investments, is looking for 110 tech professionals with blockchain experience, including developers and engineers, as well as 100 customer service professionals. These new employees are expected to help build the infrastructure needed to support Ethereum services, according to Crypto Briefing.
Fidelity Digital Assets will also transfer platform and application data to the cloud to enable faster transactions, 24/7 trading support, and institutional-grade security. In addition, the organization will create tools for compliance and tax-reporting.
The report comes a month after Fidelity Investments announced that they will be offering investors the option to include Bitcoin in their 401(k) retirement accounts, with a maximum distribution of 20%. The plan was met with skepticism from the US Department of Labor, which warned of the speculative nature and regulatory risks associated with Bitcoin. In response, Fidelity noted a clear increase in demand for digital assets across various demographics.
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