In his annual letter to investors, BlackRock CEO Larry Fink turned to the opportunities offered by technologies derived from cryptocurrencies. He believes that the US and other developed countries are lagging behind in this matter.
BlackRock’s vision on cryptocurrencies
In his annual letter to investors published this weekend, BlackRock CEO Larry Fink returned to several topics, including cryptocurrencies. Interestingly, when the person concerned talks about blockchain, tokenization or digital assets, But never use the word “cryptocurrency”..
In this letter, He made a contrasting comment on a global scaleAs digital assets are considered:
“In many emerging markets […], we are witnessing dramatic advances in digital payments, reducing costs and advancing financial inclusion. In contrast, many developed markets, including the United States, have lagged behind in innovation, making the cost of payments much higher. »
Like many veterans in traditional finance, Larry Fink believes BlackRock has opportunities in the region. Tokenization of stocks and bonds, as well as on permissioned blockchains. Unlike public blockchains, the latter are used by a number of specific actors within a defined framework, usually between different institutions such as JP Morgan with Onyx.
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A company already familiar with cryptocurrencies
BlackRock is already involved in the cryptocurrency ecosystem in various ways. Last year, the company exclusively participated in a $400 million funding round from Circle. Moreover, the asset manager is one of the partners of Circles In USDC stablecoin reserve management.
BlackRock, on the other hand, launched a private bitcoin (BTC) fund last summer After building a relationship with Coinbase To expand opportunities for exposure to cryptocurrencies within its Aladdin investment solution.
For less successful partnerships, the company participated in a $24 million investment in FTX.
In general, BlackRock remains the world’s largest asset manager to this day. In 2022 alone, the company recorded more than $400 billion in new deposits from its customersDespite the difficult market environment. Additionally, the group’s stock has been the best performer on the S&P 500 since its IPO in 1999 with a return of 7,700%.
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I grudgingly discovered the world of blockchain in late 2018 during my quest for financial freedom. At first I made a moderate investment, only after two years I took the gamble of betting on the movements of that time. Then I dedicate 2021 to train myself better to gain more knowledge and seriousness. As I often say: I still have a billion things to learn. And what I know, I want to share with you.
Vincent Meyer
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