Fidelity Digital Assets Hiring New Blockchain Professionals

Coinspeaker
Fidelity Digital Assets Hiring New Blockchain Professionals

Fidelity, which is a major asset manager in the world, specifically created Fidelity Digital Assets branch which specializes in crypto-related assets. More recently, they announced that they are adding Bitcoin to services and will offer crypto trading in the future.

However, now they are looking for more people with knowledge about the specific asset class.

The positions include vice , director, leading software engineer, blockchain software engineer, product designer, and others. Judging by a few of the leadership roles, it is clear that they are looking to a serious entity within their company. Possibly, creating yet another branch.

Although these leadership roles have been sitting around in their website for more than two months, they have reposted it and expanded their need for additional human resources.

The new vice president will be serving as a chief technology officer. The main responsibilities for the role would be design, architecture, and delivery of a new platform, maintenance of existing platforms and compliance with Fidelity’ security standards.

The requirements for the desired role are a practical experience developing on public blockchain platforms similar to Bitcoin and Ethereum, and experience with private blockchain platforms.

Additionally, director of product management role will be responsible for building new crypto-related offerings and maintaining relationships with Fidelity’s partners. They are asking for an experience with institutional clients, trading, and custody “as well as the operational and regulatory constructs around them,” reads the job description.

As regards developers, they need to be familiar with DLT platforms like Corda, Hyperledger Fabric, and Ethereum. Also, they will be the leader of a team of two to five engineers working on blockchain-based solutions.

Moreover, they are also looking for a blockchain software engineer with experience in Bitcoin and Ethereum in order to test “numerous blockchain projects and proposals, with an eye to which may be useful to Fidelity,” reads the job description.

Well, that much for blockchain-related positions, they are also hiring loads of other people like an associate analyst, which needs to be focused on trading. Also, a customer representative, a senior quality engineer, a senior analyst for trade support, and an associate analyst for custody .

These job positions will be “resolving trade breaks, proactively monitoring order flow, identifying and escalating trade discrepancies, resolving trading and exchange-related disputes, and providing key external client support,” says the description.

Fidelity Digital Assets Hiring New Blockchain Professionals


Source: coinspeaker
Fidelity Digital Assets Hiring New Blockchain Professionals

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Unique Zero-Fiat ‘Bitcoin Bond’ Debuts on Bloomberg Terminal

Bitcoin investment

The range of Bitcoin investment options for institutional and retail investors continues to expand as two European companies debut a zero-fiat Bitcoin Bond on Bloomberg Terminal.


This one is for the HODL Crowd

A recently published press release that the London Block Exchange (LBX) and Argento have partnered to develop a zero-fiat bond which is denominated in Bitcoin. The UK and Luxembourg-based companies proudly proclaimed that the is the first ever Bitcoin Bond in existence and according to Argento manager Phil Millo, “The large investment banks really dropped the ball on this one.” 

 

What makes the bond unique is that it is the first regulated cryptocurrency financial product with a dedicated ISIN code and the bond offers zero fiat exposure to investors. Accessible via the Bloomberg Terminal, the product is specifically targeted toward long investors and LBX CEO Benjamin Davies describes the bond the suitable for Bitcoin investors looking to grow their long-term Bitcoin wallets in an institutional grade where their holdings are not exposed to traditional currency market fluctuations. 

Institutional Grade Crypto Products Gain Ground Everywhere Except the U.S.

The bond is regulated by the United Kingdom’s Financial Conduct Authority (FCA) and Argento has cleverly titled the various bond durations ‘FOMO’, ‘HODL’, and ‘MOON’, each of which is a standard crypto-oriented acronym commonly used by members of the cryptocurrency community.  

Keen investors will note that while the FCA has been stringent in regulated crypto-based financial products and putting a stop to crypto scams, the approval of the zero-fiat bond eclipsed Bakkt’s thrice-delayed debut. Institutional grade crypto-investment products are steadily racking up approvals worldwide as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission () continue to drag their feet in approving institutional grade crypto-products like Bakkt’s Bitcoin exchange and the long-awaited Bitcoin-based Exchange Traded Fund (ETF). 

Another recent setback to note is Binance’s announcement that US-based users would be barred from using the exchange starting in September as a of the digital assets listed on the exchange cannot be legally offered to U.S.-based investors. Binance CEO Changpeng Zhao that the company intends to launch a regulatory-compliant version of  Binance through its partner BAM but exact details of the exchange and its launch date have yet to be released.  

Do you think investors will rush into this new zero fiat Bitcoin Bond? Share your thoughts in the comments below! 


Images via Shutterstock, Coveware.com

The Unique Zero-Fiat ‘Bitcoin Bond’ Debuts on Bloomberg Terminal appeared first on Bitcoinist.com.


Source: bitcoinist
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The Core Flaw In $100,000 Bitcoin Price Prediction

Bitcoin to $100,000, but why?

The price of Bitcoin has plunged by more than 15 percent from its 2019 high of $13,868.44. But that is not deterring investors from making bold bullish predictions for the .


Anthony “Pomp” Pompliano, co-founder & partner of Morgan Creek Digital Assets is the latest to join the rank of bulls who believe Bitcoin price could hit the $100,000 level by 2021. The Facebook executive borrowed his bullish bias from a so-called halving event next May that slash the supply rate of Bitcoin by half. That would make the cryptocurrency scarcer than it already is. On the other hand, an increase in demand would prompt people to bid for Bitcoin at higher rates.

“Supply-Demand economics remain valid,” reasoned Pomp. “They are a great way to determine the market price. So, if the demand for a -supply asset increases, we continue to see price appreciation.”

Halving and Bitcoin Price

Halving has historically done well to Bitcoin.

Every four years, the cryptocurrency’s underlying algorithm reduces the supply of Bitcoin by half. In the beginning, the cryptocurrency’s daily issuance rate was close to 7,200 BTC at a block of 50 BTC. Following the first halving in 2012, the regular issuance got reduced to approx 3,600 BTC with block going down to 25 BTC. And in the next, the numbers got slashed another half —  1,800 BTC daily issuance at a block of 12.5 BTC.

By May 2020, the block reward will get cut to 6.25 BTC per block while the daily issuance rate would be about 900 BTC.

Simultaneously, the price of Bitcoin noted four-digit percentage gains upon every halving event. Following the first supply rate cut, the cryptocurrency noted a 7,976 percent surge in its spot rate. And after the second, it rose by 2,902 percent, as further illustrated in the chart below.

bitcoin, bitcoin price

Bitcoin Halving Events and Their Impact on Price | Source: Use Journal

Doubts, Nevertheless

The all-time highs achieved during each halving also followed more substantial downside corrections. After December 2, 2013, the day Bitcoin established a new historic high of $1,163, the price pursued a strong downtrend, eventually falling by approx 86.90 percent from the local top. Similarly, following the next all-time high formation on December 16, 2017, which was near $19,666, Bitcoin corrected to the downside by approx 83 percent.

There were also other catalysts at play during the so-called halving uptrends. In 2013, the Bitcoin price boom came ahead of the hack of Mt. Gox, the largest cryptocurrency exchanges of that time. Willy Report later claimed that shady people in Mt. Gox were artificially inflating the Bitcoin price using bots.

“Basically, a random number between 10 and 20 bitcoin would be bought every 5-10 minutes, non-stop, for at least a month on end until the end of January,” read the investigation.

The next halving uptrend of 2017 had also experienced shady market behavior. In that, a influx of new blockchain startups conducted billions of dollars worth of crowdfunding rounds – all raising funds in Bitcoin. That increased the demand of the cryptocurrency, which sent the price to an unrealistic $20,000 level.

Eventually, more than 90 percent of those startups failed and probably sold their bitcoins to cover their losses. The result was a strong downtrend that brought the cryptocurrency down to as low as $3,122 in December 2018.

Final Thoughts

Bitcoin has outperformed every and minor asset this year in terms of returns. The world’s first and foremost cryptocurrency in June towered above the $13,500 level, its year-to-date return close to a whopping 275 percent. That happened after major financial firms like TD Ameritrade, Bakkt, and Fidelity Investments announced that they would offer Bitcoin trading services. That said, Bitcoin had every reason to rise based on speculation of real demand, if not real demand itself.

But saying it would hit the $100,000 level is nothing but a crystal ball prediction. No evidence shows a broader demand for Bitcoin-related as of now. And as BitMEX founder Arthus Hayes during the recently-held Asia Blockchain Summit, this cryptocurrency could go anywhere from zero to a million.

The question remains: why $100,000?

Do you think Bitcoin price will hit $100,000? Let us know your thoughts in the comments below.


Images courtesy of Shutterstock, Use Journal, Twitter :@Jessicaw_tv

The post The Core Flaw In $100,000 Bitcoin Price Prediction appeared first on Bitcoinist.com.


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Bitcoin Traps Gold’s Market Share as Sovereign Bonds Become Unattractive

Bitcoin’s revival is considered to be Facebook’s Libra doing. The social media’s giant sudden foray into the cryptocurrency industry gave bitcoin, as many believe, a perfect reason to its valuation.

That is until one considers a simultaneous price rally that took place in the gold market. Bitcoin’s rise above the $13,000 level has only one potential link to the yellow metal’s ascent above $1,400 an ounce: a weaker US dollar sentiment.

bitcoin, bitcoin price, btc usd

Bitcoin has Recovered by More than 275% Since Its Bounce Back from the $3,120 Level | Image Credits: TradingView.

Gold, Bitcoin against US Dollar

The trouble in the American greenback started with politically-influenced overborrowing. President Trump’s massive tax cut of $1.5 trillion in 2017, followed by his pressure on the Federal Reserve to keep the interest rates steady burdened the US with a $22 trillion debt and $1 trillion in annual deficits. Ahead of the 2020 presidential elections, President Trump is hinting more tax . Atop that, the Fed has declared that it is going to cut rates in July.

The impact is already out in the open. The US dollar on Thursday drifted further away from its highs, although the index recovered from its three-month lows of 95.843 in June. Waning sentiments for a resolution in the ongoing US-China trade war is also hurting the dollar sentiment.

“Everyone from the Reserve Bank of Australia to the Fed is talking about inflation disappointing to the downside,” Mayank Mishra, Singapore-based macro strategist at Chartered, told CNBC. “The Fed arguably has more room to ease than anyone else. That, in theory, should lead to a weaker dollar.”

The dwindling sentiment in the greenback market is lending credibility to both traditional and modern safe-haven assets, including bitcoin and gold.

Holger Zschaepitz, the financial correspondent at WELT, a Berlin-based financial news service, noted that the cryptocurrency had passed the digital divide towards the yellow metal. He said on Thursday:

“Bitcoin gaining traction as store-of-value and digital gold in this crazy politicized central bank world with negative or lower for longer rates. Digital passes digital divide toward Gold. Both assets reached key thresholds in June, $10k & $1,400, now trade in tandem.”

Miles to Go

Many analysts think that bitcoin still has to solve its price volatility it becomes a store of value asset. FT.com reports that investors are hedging into bitcoin as a lottery ticket hunting for returns.

, prominent gold bull Peter Schiff says that the cryptocurrency is a “fool’s gold,” mainly because it has no intrinsic value like the yellow metal, which still gets used for industrial purposes. While arguing with Barry Silbert, the founder & CEO of Digital Currency Group, Schiff noted that people buy bitcoin expecting they would be able to sell it at a higher rate in the future.

“This is pure speculation,” he added.

The post Bitcoin Traps Gold’s Market Share as Sovereign Bonds Become Unattractive appeared first on NewsBTC.


Source: newsbtc
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