Fidelity Could Rise As High As Coinbase In The Crypto Space

It has been just revealed the fact that Fidelity could rise as much as Coinbase, according to the latest reports. Check out the details below.

According to a recent report by the Wall Street Journal, a former executive of Fidelity has stated that the financial giant missed out on the opportunity to become a competitor to the popular crypto exchange, Coinbase, during the early stages of digital assets.

The executive, Jurica Bulovic, who now serves as the head of mining at Bitcoin mining company Foundry, claims that Fidelity “could have been more aggressive” in its approach towards establishing itself in the crypto space.

As a result, Fidelity reportedly lost many custody clients to Coinbase and, had it been more competitive, could have achieved the same level of success as Coinbase in the crypto industry today.

“Hindsight is 20/20. When I look back now, I think Fidelity could have become a household name for buying and selling crypto like Coinbase is today.”

According to Alex Thorn, the head of firmwide research at Galaxy Digital, Fidelity was a pioneer in venturing into digital assets, giving them an advantage over other traditional finance firms.

Thorn explains that many individuals, including himself, have been involved in cryptocurrency for a long time due to Fidelity’s early involvement in the field.

Fidelity’s proactive approach to digital assets attracted top talent to the company. Matt Walsh, a founding partner at Castle Island Ventures, adds that Fidelity CEO Abby Johnson’s positive outlook on Bitcoin stands in contrast to other veterans of traditional finance, such as Goldman Sachs CEO Jamie Dimon.

Walsh said the following:

“This was when Jamie Dimon said that Bitcoin was tulip bubbles, and there was no use looking at it… Abby was taking the total opposite end of it.”

However, lack of regulatory clarity and “internal and external pressure” eventually pushed Johnson in holding back on her push into crypto, according to the report.