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

According to ChainCatcher, as reported by DLnews, Fidelity Investments CEO Abigail Johnson bluntly stated that the traditional financial system is built on a network of “primitive technology” and complex reconciliation processes, which is really a bit frightening. 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, second only to BlackRock. Johnson admitted to underestimating the time required for the transition but firmly believes that competition and regulation will eventually force traditional financial institutions to adopt new technology.