While both Bitcoin and Ethereum are experiencing issues on market, institutional investors are actively hiring blockchain engineers and developers
One of the world’s largest financial holding companies, Fidelity, has started offering Ethereum trading and custody services after launching a similar service for Bitcoin. As the WSJ reports, the company plans to double its workforce in 2022 as it expects demand for digital assets to return.
The company is getting ready to hire 110 new workers, including engineers and developers with the experience in blockchain. The company is most likely planning to build digital infrastructure to support additional cryptocurrencies.
The expansion plans follow news of Fidelity’s plan to put retirement savers’ funds into Bitcoin later this year, which would make it the first major retirement plan provider to do so.
The Fidelity Digital Asset was founded far before the 2021 bullrun. The subsidiary builds infrastructure for supporting custody and trading services for Ethereum. The platform was developed for storing and trading large volumes of Bitcoin or any other digital assets.
Reportedly, the platform’s data and applications are located in the cloud to significantly speed up transaction processing and open round-the-clock trade support. With a growing number of users, Fidelity aims to provide an institutional level of security.
As we may see, the massive correction on the cryptocurrency market has not scared off institutional-tier investors as they are preparing for the return of demand for risk-on assets like cryptocurrencies.
According to Fidelity’s Jesson, the company does not focus on short-term downturns and prefers to look at long-term indicators that suggest purchasing power will return to the market in the future. In general, the demand for blockchain engineers and developers is increasing despite unpleasant market conditions.
