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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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It gets hot between two of the richest people in cryptocurrency. Zhao “CZ” Changpeng of Binance and Sam Bankman-Fried of FTX posted their complaints on Twitter. Bloomberg full detail of the drama.

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The owners of the English Premier League club Liverpool are considering a sale. Fenway Sports Group Holdings, which also owns the Boston Red Sox, has hired Goldman Sachs and Morgan Stanley to consider a potential sale of up to $5 billion, Bloomberg reports.

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.

REPRESENTATIVES MAY BIT THE HAND THAT FEEDS THEM. Jeff Yas, co-founder of Susquehanna International Group and his wife Janine, are a huge Republican benefactor. But more than half of Yas’s $33 billion fortune stems from his investment in TikTok’s parent company ByteDance, which is a popular target for the Republican Party, Bloomberg reports.

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It may not be time for a spring cleaning, but that doesn’t mean you can’t get rid of things around the house. Interior design for a long time shared some tips on what to do and what not to need in your home. Here are 11 things you can definitely do without.

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

Smith

Tricare west is a global news publication that tells the stories you want to know.

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