The cryptocurrency division of investment giant Fidelity Investments aims to attract additional experts to expand its product line. This was stated by President Tom Jessop, according to The Wall Street Journal.

According to the top executive, by the end of the year, the firm will recruit 110 more blockchain experts and 100 more account managers.

In November 2019, Fidelity Investments launched an institutional-focused crypto custody arm focused solely on bitcoin. Current plans include adding support for Ethereum.

The team will move platform data and applications to the cloud for faster transactions and 24-hour trading. Employees will also improve compliance and tax reporting tools.

“We don’t focus on recessions and […] We are trying to create the infrastructure of the future. We measure success in years and decadessaid Jessop.

Fidelity Digital Assets currently serves nearly 400 clients, including registered investment advisors, hedge funds and asset managers.

In April, parent company Fidelity Investments announced a service that offers customers the opportunity to save bitcoin in their 401(k) retirement savings accounts. The option will appear in the summer of 2022.

Recall that the plans of Fidelity Investments worried the US Department of Labor.

Earlier, Japanese banks Sumitomo Mitsui Trust and Nomura announced their intention to expand their presence in the cryptocurrency market.