Fidelity's Digital Asset Arm To Hire For More Than 200 New Positions This Year

Fidelity Digital Assets,, the digital assets arm of Fidelity Investments, plans to increase its manpower as it aims to expand deeper into the crypto industry.

According to Reuters, Fidelity Digital Assets, which currently has a workforce of 200, aims to fill 210 new positions in client services, technology and operations, focusing on digital assets beyond Bitcoin (BTC), the world's biggest cryptocurrency.

"As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts," Tom Jessop, president of Fidelity Digital Assets, said.

The report comes at a time when the crypto space is not doing so well. BTC has broken below $30,000 once again and as of 11:17 pm ET, the price of 1 BTC was $29,794.

Interestingly, in April, the Boston-based firm announced the integration of Bitcoin into 401k options, which allowed employees to have a portion of their income put into BTC.

Currently, the offer is only valid for Bitcoin because it is the biggest cryptocurrency in the market and almost every altcoin follows BTC's movement.

Those plans were questioned by the acting assistant secretary of the U.S. Labor Department's Employee Benefits Security Administration Ali Khawar who expressed doubts about the usage of cryptocurrencies in 401ks.

"We have grave concerns with what Fidelity has done," Khawar said.