With its hiring spree, Fidelity plans to expand its abilities for storing and trading cryptocurrencies more broadly, firmly staking its ground despite recent price drops.
In April, Fidelity announced that it would allow people to put bitcoin in their 401(k) accounts later this year, becoming the first major plan-provider to do so. Now, it’s staffing up to build the infrastructure for the custody and trade of Ether, as well as to add 24-hour trading support and tax-reporting tools.
The subsidiary has around 400 current clients, though customer acquisition has slowed down with the recent cryptocurrency price drop. Still, Fidelity isn’t deterred.
“We’re trying not to focus on the downturns and focus on some of the long-term indicators,” including client demand, the unit’’s president, Tom Jessop, told the Wall Street Journal. “We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”