Fidelity Investment Managers Leaving for Cryptocurrency-related Projects
Fidelity Investments is looking for a new fund manager for its $2.5 trillion USD fund for investments in crypto-related assets and companies. This is to replace two former employees who left the team to start their own cryptocurrency VC fund, Castle Island Ventures.
Fidelity’s CEO, Abigail Johnson recently stated:
“I’m a believer. I’m one of the few standing before you today from a large financial services company that has not given up on digital currencies.”
The two are only the latest in a long line of former employees to leave Fidelity to pursue cryptocurrency opportunities as they feel the cryptocurrency world was more interesting than the traditional financial system.
Another of the employees that left was Ben Pousty, an important digital asset marketing lead for Fidelity Labs, who joined Circle, a crypto investment app. Kinjal Shah, a former senior consulting analyst joined Blockchain Capital, which is a crypto venture firm. Finally, Thomas Pacchia, former director at Fidelity’s crypto incubator, decided to start HODL Capital, a fund based on New York.