Inside BlackRock’s Long Journey to Encryption

Today we’ve got stories about underrated fintech trends, an inside look at the layoffs destroying the tech industry, and some advice from an expert on how to get rid of all that clutter in your apartment.

And don’t forget to vote! Plus, catch up on all of our Election Day coverage on our live blog. But first, tales from the vault (Q).

BlackRock Cryptocurrency Mission.

It’s been a tough year for cryptocurrencies, but there is at least one bright spot.

Putting aside the multiple bankruptcies, high-profile hacks, and the fact that bitcoin hasn’t been the inflation hedge it’s been promised for so long — well, that’s too much to put it aside — the industry has already scored a major victory.

BlackRock, the world’s largest asset manager, slowly but surely embraced digital assets throughout 2022.

Sure, there are plenty of other traditional players out there who beat BlackRock. But few are as powerful, from a volume and reputation perspective, as the $8 trillion money manager.

The climax, and perhaps the biggest step, in BlackRock’s crypto journey came this summer, when it announced a partnership with Coinbase.

Rebecca Ongarino and Morgan Chittum outlined Blackrock’s long journey toward cryptocurrency acceptance, mainly going back to an initial note back in 2015.

Nearly seven years later, some of BlackRock’s biggest moves this year have taken place:

  • Coinbase partnership that gives Aladdin users access to cryptocurrency exchanges.
  • Private Trust to give customers instant exposure to Bitcoin.
  • Management of Circle Internet Financial’s stablecoin reserves fund.

While this may not seem like a huge advance, the pace is up when it comes to large institutions accepting digital assets.

That’s why planning a BlackRock trip is so interesting, Rebecca tells me. In many ways, the company’s path to cryptocurrency is a microcosm of what’s happening on Wall Street, she said.

It remains to be seen whether BlackRock, which has no shortage of executives interested in digital assets, will increase the acceptance of other companies for cryptocurrency. But no one can deny the benefit of having a company of this size in your corner.

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Ken Griffin has already made a choice of who he would like to see in the White House. The billionaire CEO of hedge fund Citadel has told Politico that he is willing to support Florida Governor Ron DeSantis if he chooses to run. Here’s more on that and why he’s ready to move on from Donald Trump.

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Keep updated with the latest business news throughout your day by checking out The BUSINESS CATEGORIES from Tricarewest,


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