BlackRock Inc. Aiming at Cryptocurrencies: Company CEO Larry Fink

AnalysisBlackRock Inc. Aiming at Cryptocurrencies: Company CEO Larry Fink



Arman Shirinyan

Company with $9 trillion in AUM plans on discovering the cryptocurrency industry

One of the biggest money managers in the world, BlackRock, Inc.—which raised $400 million for Circle stablecoin issuer—is actively studying cryptocurrencies. Previously, BlackRock’s chief executive stated that the company has been actively working with Circle for over a year, WSJ claims.

BlackRock, with over $9 trillion in assets under management, is broadly studying the crypto sector, including stablecoins, digital assets, permissioned blockchains and tokenization in general. The main reason behind the active studying of the cryptocurrency industry is tied to increased interest from the company’s clients.

Previously, the PayPal co-founder insisted on blacklisting people like Fink, Jamie Dimon and even Berkshire Hathaway CEO Warren Buffett, who stated many times that Bitcoin has no value, has traits of a ponzi scheme and is nothing but a scam.

BlackRock to manage USD Coin

Reportedly, Circle has raised $1.1 billion overall and plans on going public via the SPAC deal later in the year. During the past year, BlackRock was actively working with the company and now plans on becoming a primary manager of reserves that are backing up the stablecoin.

USD Coin, with the ticker name of USDC, is one of the biggest stablecoins on the cryptocurrency market, with $51 billion in circulation. The coin allows exposure to the traditional currency and using it as a bargaining bridge between fiat and digital assets.

Another large stablecoin issuer, Tether, provides the same service for cryptocurrency users by issuing various stable assets on blockchains like Omni, Ethereum and Tron. Despite being the biggest stablecoin on the crypto market, financial experts are constantly raising concerns over reserves used for backing up the stablecoin as there is a chance that the company is using commercial papers that are illegall in the U.S.



Learn more

Latest news

Cardano Creator Claims Ethereum Would Have Been Better Off with “Snow White”

Alex Dovbnya The “Snow White” consensus solution would have allowed Ethereum to move to proof-of-stake at a much faster...

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2 million (CAD $3 million) in cash along with the issuance...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be showcased in the coming days, according to John Richmond Italian...

Elon Musk opening up Starlink in Iran

SpaceX founder Elon Musk appeared to confirm Friday that he will make Starlink available in Iran. Musk replied “Activating Starlink...

Mike Novogratz Says Case for Bitcoin Is “Playing Out Every Day” As Price Plunges

Alex Dovbnya Mike Novogratz continues to see a strong bullish case for Bitcoin as many fiat currencies keep losing...

Must read

Cardano Creator Claims Ethereum Would Have Been Better Off with “Snow White”

Alex Dovbnya The “Snow White” consensus solution would have...

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be...

You might also likeRELATED
Recommended to you