Alex Dovbnya

BlackRock CEO Larry Fink has suggested that the next big trend in the crypto industry could be tokenization

Read U.TODAY on

Google News

BlackRockCEO Larry Fink's annual letter to investors suggests that tokenization might be the next big trend in crypto.

According to the head of the $10 trillion asset management behemoth, Bitcoin has caught headlines as a mere distraction, with the media's "obsession" obscuring other interesting developments happening in the cryptocurrencyspace.

Fink draws attention to the dramatic advances in digital payments taking place in emerging markets such asBraziland parts of Africa. Hecontrasts them with the sluggish pace of innovation in developed markets like the US, where the cost of payments remains high.

In his view, the fragmentation of asset categories into tokens presents a highly encouraging prospect.

He has confirmedthat Blackrock is actively delving into the realm of digital assets with an emphasis on permissionedblockchains and the conversion of stocks and bonds into tokens.

However, Fink acknowledges that while the industry is maturing, there is still no regulatory clarity.He hasassuredinvestors that they will apply the same standards and controls to cryptothat they do across their business.

As reported by U.Today,Fink predicted that most cryptocurrency companies would failduring his recent appearance at a summit. The BlackRock bossalso revealed that BlackRock put $24 million into the defunctFTX exchange, but it was then forced to mark thatsum down to zero.

Read this article:

Forget Bitcoin: BlackRock CEO Touts Next Big Thing in Crypto - U.Today