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Fidelity's Custody Business Around Bitcoin 'Incredibly Successful': Johnson
Fidelity Investments CEO Abby Johnson says the mutual fund giant's custody business around bitcoin has been "incredibly successful" and has a "tremendous pipeline."
Fidelity Investments CEO Abby Johnson says the mutual fund giant's custody business around bitcoin has been "incredibly successful" and has a "tremendous pipeline."
STORY CONTINUES BELOW
In an interview with Barron's, Johnson noted that developments in the sector are moving so rapidly it's hard to keep track of them all, and said things that have long been talked about in the sector are now starting to become reality. The interview with Johnson can be watched here and starts at the 22:30 mark.
Johnson also said:
- Fidelity, which began a bitcoin mining operation in 2016, has been working on connecting the legacy world with the future of cryptocurrencies. "Building those on- and off-ramps around facilitating the trading between fiat currencies and cryptocurrencies is something that’s happening now, and I’m glad it’s moving along,” she said.
- "If you had asked me at the beginning if we or anybody was going to be prioritizing custody of bitcoin I would have said, 'No way. I mean that's kind of the opposite of what it's all about.' But the reality is that you do need it because if you're an individual who engages an adviser and you want to make an estate plan you actually need someone to custody your bitcoin."
Read also: Fidelity Report Says Bitcoin's Market Cap Is 'Drop in the Bucket' of Potential
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
