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BlackRock, Inc. exploring cryptocurrency services as client demand grows

Larry Fink, the CEO of BlackRock, recently revealed that the world’s largest multinational investment management corporation is looking at how to utilise the usage of virtual currencies to benefit clients.

In a letter to shareholders on Thursday, Fink underlined growing client enthusiasm in digital currencies.

The CEO’s remarks contradict his earlier appraisal of client interest in cryptocurrency. In an interview in July of last year, he stated that it does not seem as there is a significant appetite for digital assets. His observations appear to back with a CoinDesk report from last month that the $10 trillion asset management plans to provide crypto trading to its investor clients.

The Russia-Ukraine war, according to Fink, will force countries to reconsider their country’s currency dependence and explore additional payment methods that can reduce the costs of cross-border transactions. He added that a properly constructed worldwide payment system can enhance the settlement of international transactions while reducing the risk of money laundering and corruption. As we as that virtual currencies can assist in lowering the expenses of cross-border payments, such as the ones who are specifically connected to expatriate workers and sending their finances abroad.

Photo by Patrick Tomasso

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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