Loyalty investments will hire 100 additional workers for its digital asset operations as it expands its efforts to attract talent away from struggling crypto businesses.
A company representative told Bloomberg News that the new round of hires will bring the headcount of Fidelity’s digital assets business to around 500 by the end of the first quarter of 2023. The division had already doubled its workforce since May, on Sunday (October 23) report from Bloomberg says.
The new hires are part of Fidelity Digital Assets’ client services, operations, technology, business development, marketing and compliance, located in multiple cities including Boston, New York, London and Dublin.
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Last month, PYMNTS reported that Fidelity was moving forward with plans to offer the ability to invest in cryptocurrency on certain employer-sponsored pension plans, despite opposition from U.S. lawmakers and the government. Department of Labor, which oversees 401(k) plans.
Fidelity digital asset accounts will give employers the ability to allow participants to invest up to 20% of their accounts in bitcoin.
The company is bolstering its crypto staff at a time when the industry is seeing large amounts of layoffs, opening the door to opportunities at more traditional financial institutions.
Learn more: Crypto.com has cut 30% to 40% of its staff
PYMNTS noted earlier this month that tough market conditions caused cryptocurrency exchange Crypto.com to make substantial job cuts while ending some brand partnerships. The company is said to have reduced its workforce by more than 2,000 – or 30% to 40% of staff.
Crypto.com previously announced that it was cutting 260 positions or 5% of its staff.
In June, Coinbase CEO Brian Armstrong announced the cut of 1,100 jobs – roughly 18% of its workforce – as the Nasdaq-listed company’s share price fell along with the price of bitcoin and other cryptocurrencies. Crypto exchange Gemini cut 10% of its workforce around the same time.
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