Fidelity Investments Chief Executive Officer Abby Johnson says the company’s custody business related to bitcoin has been “incredibly successful” and created a “tremendous pipeline” for investors.
Speaking in an interview with Barron’s, Johnson noted the rapid development in the industry of cryptoassets and crypto institutional investment, saying it’s hard to keep pace with the growth.
Johnson said the mutual fund giant was working on building connections between cryptoassets and the traditional financial system.
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.
Johnson also expressed surprise at the company’s prioritization of bitcoin custody, despite the sector’s success. Fidelity, which began a bitcoin mining operation in 2016, has been at the forefront of digital assets, including bitcoin custody solutions for clients.
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.’
Johnson called custody options for bitcoin necessary for individuals working with advisors who wished to make an estate plan.
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