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BlackRock Looks to Offer Crypto Services as Client Demand Rises: CEO
The Russia-Ukraine conflict will push countries to reassess currency dependencies, Fink said in a letter to shareholders.
Updated May 11, 2023, 5:56 p.m. Published Mar 24, 2022, 11:50 a.m.
Larry Fink, the CEO of BlackRock (BLK), has confirmed that the world's largest asset manager is exploring how to serve clients with digital currencies.
- Fink cited increasing interest from clients around digital currencies in a letter to shareholders Thursday.
- Fink's comments are at sharp odds with his previous assessment of client interest in crypto. In July of last year, Fink said in an interview that he is not seeing much demand for digital assets.
- His comments seemingly confirm a CoinDesk report from last month that the $10 trillion asset manager is planning to offer crypto trading services to its investor clients.
- Fink also wrote that the Russia-Ukraine conflict will push countries to reassess currency dependencies and look to means of payments that can bring down the costs of cross-border transactions.
- "A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption," he wrote.
- "Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families," he added.
- Reuters had earlier reported on Fink's comments.
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Read more: BlackRock Has Entered the Chat
UPDATE (March 24, 13:27 UTC): Updates sourcing and adds additional details of BlackRock's exploration of digital currencies.
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