Boston-based asset management company Fidelity Investments is hiring new managers to reopen its internal cryptocurrency fund that was launched last year. The company aims to enter the growing digital currency sector once again after prominent experts and managers bid them farewell.
Former vice president Matt Walsh was the first one to leave the company, then, followed by the company’s former investment research analyst, Nic Carter. The fund shut down soon after the positions were left vacant.
Fidelity Is Missing Its Crypto Investments
The company manages over $2.3 trillion worth of mutual fund assets for its clients. It was one of the early movers on Wall Street that accepted and acknowledged virtual currencies, starting an internal fund to support the new market.
It allowed Coinbase clients to view their virtual coin investments right in their portfolio and provided a more comprehensive outlook of their investments.
CEO Abigail Johnson previously declared her support for the emerging market. She said:
“[I] love this stuff — bitcoin, ethereum, blockchain technology — and what the future holds.”
She believes that the digital currencies and their underlying blockchain technology have the potential to change the way the world works. It could improve existing structures and, maybe, even change the architecture of the internet. Johnson also noted that, when connected with the Internet of Things or the cloud, the potential of this market grows even more.
Restarting the Internal Crypto Fund
Business Insider reported the company added two internal job postings. The first was for a DevOps system engineer “to help engineer, create, and deploy a Digital Asset exchange to both public and private cloud.” This posting fueled rumors that Fidelity is planning a full-fledged exchange in the U.S. The second opening, on the other hand, was for someone who could develop “first-in-class custodian services for Bitcoin and other digital currencies.”
The Crypto Bug Bites Everyone at Fidelity
The two key members of their team went on to start their own venture capital firm called Castle Island Ventures, which invests in crypto-based businesses. Several other key members have left the company in the past few months to participate in crypto markets.