Fidelity CEO: Wall Street Will Be "Forced" to Embrace Blockchain Technology

According to Mars Finance, as reported by DLnews, Fidelity Investments CEO Abigail Johnson bluntly stated that the traditional financial system is built on a complex network of “primitive technology” for reconciliation processes, which is really a bit scary. She pointed out that although blockchain will eventually replace the existing system, the transition will not be smooth and will require competitive pressure and regulatory standards to drive the industry forward. Fidelity has been betting on blockchain since 2013, and its Bitcoin ETF has reached $20 billion in size, second only to BlackRock. Johnson admitted to underestimating the time needed for the transition, but firmly believes that competition and regulation will ultimately force traditional financial institutions to adopt new technology.