Fidelity Digital Assets (FDA), the cryptocurrency business unit of US financial giant Fidelity Investments, is planning to increase its staffing by 70% by year-end, Bloomberg reported on Monday.
In an interview with Bloomberg, FDA Managing Director Peter Jubber said that the division has been planning to offer cryptocurrency yield funds and products related to DeFi or Stablecoins.
Additionally, FDA president Tom Jessop said the company is looking to bolster its digital assets team and wants to increase its staffing by more than 70% by year-end.
The FDA currently offers Bitcoin custody services and OTC transactions. It was also revealed that the parent company Fidelity Investments raised more than $100 million from wealthy investors in a Bitcoin-related fund in May.
Also, in March, the company filed for a Bitcoin Exchange Traded Fund (ETF) with the US Securities and Exchange Commission (SEC) under the “Wise Origin” brand.
Fidelity’s plan to expand its services and staff stems from the increasing investment demand in cryptocurrencies by institutional investors.
A survey released by the FDA in July revealed that 71% of institutional investors plan to invest in cryptocurrencies in the future. In addition, 90% of institutional investors interested in cryptocurrencies said they plan to allocate to their or their clients’ portfolios by 2026.
The survey also revealed that 79% of family offices had a neutral to a positive view of digital assets. Jessop told Bloomberg that the start of the pandemic was a catalyst for a lot of industries. He said:
“Our clients said the factor to get them off the fence were the macro economic issues in the pandemic.”