BlackRock CEO Larry Fink said developed markets are lagging behind in digital payments.
Larry Fink drew attention to the benefits of digital assets in his digital letter to investors and said that developing countries such as the USA are lagging behind in innovation. Fink published the post on March 15 and covered a variety of topics the firm was interested in last year, including digital assets. Fink highlighted the growing and continuing interest in these cryptoassets despite the FTX disaster.
Fink: US lags behind on innovation
Larry Fink highlighted developments in digital payment solutions that are helping to advance financial inclusion in many emerging markets such as India, Brazil and Africa.
On the other hand, the CEO stated that many markets, including the USA, are lagging behind in innovation and the payment costs are very high.
Stating that the technology underlying digital asset innovations could have some exciting applications, Fink specifically touched on the tokenization of asset classes. He praised their potential to drive efficiency in capital markets, shorten value chains, and improve costs and access for investors.
Not disregarding the risks and need for regulation in the crypto space at the end of his statement, Fink nevertheless pointed out that the company will further explore digital assets going forward.
BlackRock company released a new ETF in September 2022 that invests in 35 blockchain-related companies.
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