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.”

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 that 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 start at the 22:30 mark.

Johnson also said:

Fidelity, which began a bitcoin (BTC, -0.73%) 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 advisor and you want to make an estate plan you actually need someone to custody your bitcoin.”