BlackRock CEO Describes Scenario for Crypto Adoption
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The geopolitical crisis sparked between Ukraine and Russia might eventually lead to an acceleration of crypto adoption as a tool to settle international transactions, Reuters reports, citing BlackRock CEO Larry Fink. In a letter to the shareholders, the BlackRock CEO wrote that the conflict upends the globalization drive over the last thirty years. He noted:

"A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption."

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The head of the $10 trillion asset manager highlighted that the firm had suspended the purchase of any Russian securities in its active index portfolios. Fink added it is "fiduciary duty" for the firm and its stakeholders to prevent capital from being deployed to Russia. He admitted though that giving companies more of a cushion to sand through the current difficulties "will be inflationary" even though these companies' and consumers' balance sheets "are strong today."

In February this year, reports said BlackRock might launch crypto trading for its clients through its investment arm — Aladdin. The range of services will include "client support trading" in addition to client's "own credit facility."

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