The cryptocurrency custody service launched by Fidelity Investments’ digital assets division in October 2019 has proven to be an “incredibly successful” business, according to CEO Abigail Johnson.
In an interview with Barron’s, she also said that the cryptocurrency industry is finally entering a genuine upswing.
“Our Bitcoin-focused custody business has proven incredibly successful. The inflows have been enormous, and it is incredibly gratifying to see,” said Abigail Johnson.
She noted that Bitcoin has long been positioned as a tool for creating a “personal bank,” and Fidelity did not anticipate that custody services would take such a prominent place in the company’s activities.
“If anyone had told us at the outset that we or someone else would prioritise a Bitcoin custody service, I would never have believed it. We expected everything would be different,” said the Fidelity CEO.
Custody business is often viewed as a key component in attracting institutional investors who require reliable and trusted means of storing digital assets.
As of the end of June 2020, the value of assets under Fidelity Investments’ management reached a record $3.3 trillion.
In December, the company, in partnership with BlockFi began issuing Bitcoin-backed loans.
Subscribe to ForkLog news on Telegram: ForkLog FEED — the full news feed, ForkLog — the most important news and polls.