Fidelity Investments Looks to Expand Crypto Offerings
Fidelity Investments, the $4.5 trillion asset manager, is reportedly searching for a crypto and token research development lead to join its quantitative research and investments technology team.
New hire to evaluate tokens and blockchain protocols
According to Fidelity, the new hire will lead a small team of quantitative developers to evaluate tokens and blockchain protocols underpinning the crypto and decentralized finance (DeFi) economy.
The successful candidate will partner with other Fidelity business and technology leaders to identify and define strategic priorities based on an understanding of business value needs and enable the execution of these initiatives.
The role will also involve bringing new ideas, approaches, and insights to improve the contributions of the team and enable them to develop new skills and capabilities.
Expansion of Fidelity’s crypto offerings
Earlier this month, Fidelity Investments expanded its crypto offerings by allowing all of its retail traders to invest in Bitcoin and Ethereum for the first time.
In December 2021, the company filed a trademark application that revealed its plans to offer financial services, including investment management and financial planning, in the metaverse and other virtual worlds. Additionally, Fidelity plans to launch an online marketplace for non-fungible tokens (NFTs).
Implications of Fidelity’s expansion
Fidelity’s expansion into crypto and the metaverse highlights the growing mainstream acceptance of digital assets and virtual worlds. With its extensive reach and reputation, the financial giants’ increasing involvement in crypto could be a harbinger of institutional adoption of cryptocurrencies.
The move also signals Fidelity’s willingness to invest in emerging technologies, which could result in further development and innovation in the crypto and DeFi space.