Fidelity CEO says the Bitcoin custody business is “incredibly successful”

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Abigail Johnson, the CEO of $3.3 trillion mutual fund giant Fidelity, claimed that her company’s custody business around Bitcoin had been “incredibly successful”:
“So, right now, Fidelity custody business around Bitcoin has been incredibly successful. We’ve got a tremendous pipeline, and it’s been really exciting to watch.” she said.
In an interview with financial magazine Barron’s, she mentioned that they never expected that providing custody would be their priority because of BTC’s quintessential “be your own bank” ethos:
“And, if you had asked me in 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.”
A lack of world-class third-party custodians has been an important weak point for Bitcoin since hedge funds and other institutional participants are in need of protecting their holdings.
Fidelity fully rolled out its own solution in late 2019. In her interview, Johnson took a not-so-veiled swipe at Coinbase Custody, saying that most people “had never heard of it.”
As reported by U.Today, Fidelity Digital Assets began offering loans collateralized by BTC this week in partnership with crypto lender BlockFi.
Crypto is really starting to take off
The billionaire believes that Fidelity, from a commercial perspective, aims to bridge the world of legacy finance with “the future of digital currency.”
That said, she finds it difficult to keep up with everything that is taking place within the cryptocurrency industry:
“I mean, personally, I find it fascinating, but it’s also become an area that’s just…If you’re like me and you have a day job, trying to keep up with it is really, really hard. So, I feel like I’m not nearly as well-informed about everything that’s going on in the industry, which is just super exciting.”
According to her, the industry is “really starting” to pick up. She particularly mentioned the Lightning Network, BTC’s native Layer 2 scaling solution:
“You know, things like the Lightning Network that we are going to help facilitate are actually starting to become a reality.”

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