Crypto Research Associate, Finance

Fidelity•Chicago, IL

3d•Onsite

About The Position

Fidelity Digital Asset Management is seeking a Crypto Research Associate to join their team. This role focuses on developing frameworks for evaluating tokens, blockchains, and protocols within the digital asset economy. The Associate will manage DeFi sector coverage, oversee asset selection performance in investment strategies, and act as a subject-matter expert for product development, strategy, and risk management. The team aims to apply the rigor of traditional investment research to digital assets, requiring candidates with a strong track record in hands-on, investment-oriented research, a deep understanding of crypto, and the ability to critically evaluate blockchain networks and protocols. The research output will support the creation of passive and active investment products for Fidelity's customers. The Associate's key responsibilities include: * **Fundamental analysis and tools:** Conducting in-depth analysis of protocol economics, governance, risk dependencies, and incentives, documented in investment memos. This involves monitoring previous reviews, building models for utility and risk assessment, querying data, performing diligence, and structuring analytics from APIs and tables. * **Product development:** Actively participating in investment forums to discuss asset selection views and contributing insights for new product development. * **Thought leadership:** Collaborating with strategists to develop content for thought leadership pieces, educational materials, and pitchbooks.

Requirements

2+ years of experience in investment research, with a portion focused on decentralized finance (DeFi).
Demonstrated experience writing professional research reports, preferably within DeFi highlighting trade-offs of various Finance protocols or subsectors (DEX, Lending, Options, etc.).
Deep understanding of the current state of various DeFi projects and new projects or integrations.
Familiarity with asset valuation and smart contracts (trading on-chain).
Strong hands-on research capabilities and an ability to communicate research to a broad audience.
Collaborative, creative and team-oriented approach to R&D, investing and technology.
Ability to work across teams whose skill sets span blockchain, fundamental and quant research, data-science and technology.
Familiarity with modern technology and programming platforms. E.g., Python, SQL, Solidity and cloud-oriented data technology (AWS, Azure, S3, Snowflake).

Nice To Haves

Advanced degree in Finance, Statistics, Applied Mathematics, or a closely related field is encouraged.
Experience with portfolio construction and managing against a risk budget is a plus.

Responsibilities

Manage DeFi sector coverage and own asset selection performance within investment strategies.
Serve as the subject-matter expert to partner with Product, Strategists and Risk on new on-chain investment products.
Craft "investment memos" covering protocol economics, governance, risk dependencies, and incentives.
Monitor previous reviews and build models to assess utility and risk.
Query data, perform diligence and quality control, and structure analytics from APIs and tables.
Actively participate in an investment forum to discuss and debate asset selection views.
Organize materials for product development insights.
Engage with Strategists on framing and content for thought leadership, education and pitchbooks.