![]() ![]() It changes the whole ecosystem,” Fink said. I believe the next generation for markets, the next generation for securities, will be tokenization of securities.”įink laid out the many benefits of crypto, which include instant settlement of securities, simplified shareholder voting, and no middlemen for transactions. “I actually believe most of the companies are not going to be around,” Fink said in an interview with Andrew Ross Sorkin onstage at the New York Times DealBook Summit on Wednesday.Ĭommenting on the FTX collapse, Fink argues the crypto exchange failed to be a distributed “ledger that was open to the world.” Fink, who is a self-professed skeptic of cryptocurrencies, says FTX went against the whole foundation of crypto, which is its use as an open database of transactions accessible across all geographies.īlackRock, which has around $8 trillion of assets under management, had thrown $24 million into the Bahamas-based crypto exchange FTX through a vehicle called funds of funds, alongside other Wall Street and Silicon Valley titans who pushed the valuation of the FTX to $32 billion before it imploded earlier this month.īut as FTX crumbles and other cryptocurrency companies look at bankruptcy options, Fink still believes the distributed ledger technology has a future: “I actually believe this technology is going to be very important. The CEO of the world’s largest asset manager believes most crypto companies will fold in the wake of the collapse of Sam Bankman-Fried’s FTX empire, as mistrust permeates the decentralized finance market. ![]()
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