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

ChainCatcher news, according to DLnews, Fidelity Investments CEO Abigail Johnson bluntly stated that the traditional financial system is built on a complex network of reconciliation processes based on "primitive technology," which is really a bit scary. She pointed out that although blockchain will eventually replace the existing system, the transformation 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 a scale of $20 billion, second only to BlackRock. Johnson admitted that she underestimated the time required for the transformation, but firmly believes that competition and regulation will eventually force traditional financial institutions to adopt new technology.