crypto strategy

Inside BlackRock’s long journey to crypto adoption

Hi ! This is Dan DeFrancesco check in from NYC (but not for long – although the drawing of the Powerball was delayed, I plan to win it soon and fly to a place where it’s still 80 degrees).

Today we have stories about fintech trends don’t get enough attention, an inside look at the layoffs ravaging the tech industryand some expert advice on how to get rid of all that clutter in your apartment.

And don’t forget to vote! Plus, follow all Insiders Election Day coverage with our live blog.

But first, tales from the crypt(o).

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Photo of BlackRock CEO Larry Fink in front of a red background with Bitcoin and BlackRock 4x3 logos

Shannon Stapleton/Reuters; Rachel Mendelson/Alyssa Powell/Insider

1. BlackRock’s Crypto Quest.

It’s been a tough year for crypto, but there’s at least one bright spot.

Put aside the various bankruptciesthe high profile hacksand the fact that bitcoin has was not the inflation hedge it was long promised to be – OK, that’s a lot to put aside – and the industry actually scored a huge win.

BlackRock, the world’s largest asset manager, has slowly but surely embraced digital assets throughout 2022.

Of course, there are plenty of other mainstream players who have beaten BlackRock to the punch. But few are as powerful, both in size and reputation perspectiveas an $8 trillion fund manager.

The culmination, and perhaps biggest milestone, of BlackRock’s crypto journey came this summer, when he announced a partnership with Coinbase.

Insider’s Rebecca Ungarino and Morgan Chittum charted Blackrock’s long journey to crypto acceptancewhich essentially dates back to an initial memo from 2015.

Almost seven years later, some of the biggest changes BlackRock has made happened this year:

-The Coinbase partnership that allows Aladdin users to access the crypto exchange.

-A private trust for give customers one-time exposure to bitcoin.

– Management of a fund Circle Internet Financial stablecoin reserves.

While that may not seem like much progress, the pace of play when it comes to the acceptance of digital assets by major institutions is also the same.

That’s why BlackRock’s journey mapping is so interesting, Rebecca told me. In many ways, the company’s path to crypto is a microcosm of what’s happening on Wall Street, she said.

Whether it’s BlackRock, no shortage of executives interested in digital assets, will accelerate the acceptance of crypto by other businesses remains to be seen. But there’s no denying the benefit of having a business of this size in your corner.

Learn more about BlackRock’s crypto adoption and how it’s a model for the conversations happening at many financial companies.

In other news:

Ken Griffin, CEO of Citadel

REUTERS/Lucy Nicholson

2. There are still diamonds in the rough in fintech. While the market is down this year, some areas of fintech have great potential, according to top investors. Find out what types of fintechs are flying under the radar.

3. Into the tech company bloodbath. Industry insiders detail a tough week for the tech industry that saw thousands lose their jobs. Here’s why this is just the beginning.

4. It gets spicy between two of the richest people in crypto. Binance’s Zhao “CZ” Changpeng and FTX’s Sam Bankman-Fried aired their grievances on Twitter. Bloomberg has a full breakdown of the drama.

5. Here’s everything you need to know about Twitter under Elon Musk. A lot has happened since the billionaire took power. We mapped out everything that happened in his first nine days at the helm.

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

7. Ken Griffin has already made his choice for who he would like to see in the White House. The billionaire hedge fund CEO Citadel told Politico he is ready to back Florida Governor Ron DeSantis if he chooses to run. Here’s more about him and why he’s ready to move on from Donald Trump.

8. Republicans might bite the hand that feeds them. Susquehanna International Group co-founder Jeff Yass and his wife Janine are huge Republican benefactors. But more than half of Yass’ $33 billion fortune comes from his investment in TikTok parent company ByteDance, which is a popular GOP target. Bloomberg reports.

9. The latest addition to your startup’s term sheet could be from your favorite Netflix dating show. ‘Love Is Blind’ star Sikiru “SK” Alagbada hopes to one day work in early-stage venture capital investing. Here’s how he made the switch after a career as a data scientist.

10. It might not be the time for spring cleaning, but that doesn’t mean you can’t get rid of everything in the house. A longtime insider shared some tips on what you do and don’t need in your home. Here are 11 things you can definitely do without.

Keep up to date with the latest business news throughout the day by checking out Insider refresha brief dynamic audio. Listen now.

Edited by Jeffrey Cane (tweet @jeffrey_cane) At New York.

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