2022-04-18 21:05:00
BlackRock’s Newest Investment Paves The Way For Digital Assets On Wall StreetFive years ago,
BlackRock’s chairman Larry Fink famously called bitcoin an “index of money laundering.” In the years since, the world’s largest asset manager, tending some
$10 trillion in client funds, has largely stayed away from digital assets.
Now, in addition to managing the primary cash reserves of USD Coin (USDC), a
$50 billion digital asset available on blockchains including Ethereum, Solana, Algorand, Stellar, Avalanche and Flow, and pegged to the value of the U.S. dollar, BlackRock has entered into a broader strategic partnership with
Boston-based Circle, one of the primary issuers of USDC. This was announced alongside a
$400 million funding round raised by Circle from BlackRock, Fidelity Management and Research and Fin Capital.
While BlackRock declined to comment on the particulars of the deal it is looking at more than just cryptocurrencies and stablecoins, towards
asset tokenization and permissioned blockchains.
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