Crypto lay-offs? Not Fidelity. The US$4.5 trillion global asset manager is on a hiring spree as it continues to eye its future in a Web3 world.

According to a Bloomberg report, the firm has begun a new round of hires and is on the hunt for at least 100 more people with various blockchain-related talents to take on roles in the US, UK and Ireland.

The aim is to reportedly strengthen the firm’s Digital Assets division, increasing the team to 500 people by the end of March 2023.

Fidelity’s online recruitment portal currently shows more than 70 live listings for positions that relate to blockchain-related business analysis, risk management, product development, corporate services, compliance and more.

The job openings are encouraging to see considering the raft of hefty crypto-industry retrenchments this year from the likes of Coinbase, Gemini, Crypto.com, BlockFi and more.

 

Fidelity talks up Bitcoin as portfolio insurance

The Wall Street titan has been in the crypto-related headlines quite a bit just lately, including the news Fidelity Digital Assets will be offering Ethereum custody and trading services to its institutional clients from October 28.

Not to mention, the firm’s EDXM crypto-exchange partnership with fellow Wall Street movers Charles Schwab and Citadel Securities launched last month.

And here’s something else, Fidelity Digital Assets recently published a research study titled “The Rising Dollar and Bitcoin that details “how Bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets.

“The strengthening US dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” notes the asset manager, adding:

“More monetary debasement may be needed to alleviate the high debt load among developed economies, while recent events in the United Kingdom have shown counterparty and liability risks in the system, making monetary intervention and doses of liquidity features that are not likely to go away any time soon.”

Fidelity believes that Bitcoin remains one of the few assets that “does not correspond to another person’s liability, has no counterparty risk, and has a supply schedule that cannot be changed.”

The leading digital asset may soon “stand in stark contrast to the path that the rest of the world and fiat currencies may take,” the report notes, clarifying fiat’s path as one of increased supply, additional currency creation, and central bank balance sheet expansion.

 

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