Cryptocurrency News

Blockchain may be ‘an existential threat’ to Fidelity

  • Mike Durbin, the head of Fidelity Institutional, said in an interview that blockchain is "an existential threat to what we do"
  • Durbin admitted that recent volatility of crypto prices had shaken some clients' confidence in bitcoin as a store of value
  • A new Fidelity-affiliated bitcoin exchange-traded fund (ETF) is currently making its way through the process of regulatory review

Mike Durbin, the head of Fidelity Institutional, said in an interview that blockchain is “an existential threat to what we do.”

“There is the intellectual curiosity of what this technology could do for us, or to us”

Some core activities of financial services giant Fidelity are ripe for the efficiencies that blockchain technology promises. “There is the intellectual curiosity of what this technology could do for us or to us, over the coming years,” Durbin said.

The main reason for Fidelity’s increasing involvement in the crypto space is client interest. “We follow the demand of our clients. These tend to be first-generation wealth- creators looking for an easy, frictionless way to make an expression in crypto.”.

“I’ve dabbled myself over the last few years.”

Durbin admitted that recent volatility of crypto prices had shaken some clients’ confidence in bitcoin as a store of value, but he believes these are just “blips along the way” as the sector matures.

He also confirms that he’s interested in crypto in his personal life: “I’ve dabbled myself over the last few years.”

Fidelity-affiliated Bitcoin ETF

A new Fidelity-affiliated bitcoin exchange-traded fund (ETF) is currently making its way through the process of regulatory review. Wise Origin first filed for the ETF with the SEC in March this year and partner Cboe BZX Exchange filed a 19b-4 form acknowledging its support earlier this month. Durbin was not able to comment on the filing.

 

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