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The CEO of the world’s largest asset manager BlackRock, Larry Fink told his shareholders in a letter that the Russia Ukraine war has a “potential impact on accelerating cryptocurrencies” and confirmed that BlackRockis looking into digital currencies, stablecoins and the underlying technology.
Fink said in the letter:
“The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades.
A less-discussed aspect of the war is its potential impact on accelerating digital currencies. The war will prompt countries to re-evaluate their currency dependencies.”
The CEO continued:
“A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.
Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families.”
About BlackRock’s future when it comes to offering crypto and related products and services to its clients, Fink noted:
“As we see increasing interest from our clients, Blackrock is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.”
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BlackRock has been closely following Bitcoin and cryptocurrencies. A little less than a year ago, Fink said that cryptocurrency could become great asset class. Around the same time, BlackRock’s Chief Investment Officer, Rick Rieder, said Bitcoin to be “durable” and to be “part of the investment arena for years to come.”
BlackRock, overseeing more than $10 trillion, is rumored to have established a large crypto working group and could soon be offering crypto services, according to sources familiar to the matter.