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BlackRock Looks to Offer Crypto Services as Client Demand Rises: CEO

The Russia-Ukraine conflict will push countries to reassess currency dependencies, Fink said in a letter to shareholders.

By Jamie Crawley
AccessTimeIconMar 24, 2022 at 11:50 a.m. UTC
Updated May 11, 2023 at 5:56 p.m. UTC
BlackRock (Shutterstock)
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Larry Fink, the CEO of BlackRock (BLK), has confirmed that the world's largest asset manager is exploring how to serve clients with digital currencies.

  • Fink cited increasing interest from clients around digital currencies in a letter to shareholders Thursday.
  • Fink's comments are at sharp odds with his previous assessment of client interest in crypto. In July of last year, Fink said in an interview that he is not seeing much demand for digital assets.
  • His comments seemingly confirm a CoinDesk report from last month that the $10 trillion asset manager is planning to offer crypto trading services to its investor clients.
  • Fink also wrote that the Russia-Ukraine conflict will push countries to reassess currency dependencies and look to means of payments that can bring down the costs of cross-border transactions.
  • "A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption," he wrote.
  • "Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families," he added.
  • Reuters had earlier reported on Fink's comments.
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Read more: BlackRock Has Entered the Chat

UPDATE (March 24, 13:27 UTC): Updates sourcing and adds additional details of BlackRock's exploration of digital currencies.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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