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The bitcoin price has swung wildly this week—temporarily boosting other major coins including ethereum and XRP—due after a false report that BlackRock’s
Meanwhile, BlackRock has become the first Wall Street giant to use JPMorgan’s blockchain-based collateral settlement system, part of a plan that BlackRock’s chief executive has said will usher in “the next generation for markets.”
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BlackRock has led a Wall Street charge toward bitcoin, ethereum, XRP and crypto over recent months … [+]
Last week, JPMorgan’s ethereum-based Onyx blockchain and the bank’s tokenized collateral network were used by BlackRock to tokenize shares in one of its money market funds, sending them to the London-based Barclays in in an over-the-counter derivatives trade, Coindesk reported.
Bitcoin and crypto’s blockchain technology allows traditional assets to be “tokenized” on a public ledger, potentially making the transfer of anything from stocks, bonds, real estate and alternative investments like art, cheaper and easier.
Last year, BlackRock chief executive Larry Fink called the technology “very important,” writing in his annual letter to shareholders that “very interesting developments are happening in the digital asset space.”
Fink also predicted many of the current big bitcoin and crypto companies aren’t “going to be around” for long in the aftermath of FTX’s dramatic collapse, suggesting the Wall Street giants could take over the management of the bitcoin and crypto space.
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The bitcoin price has crashed back from its late 2021 highs but remains well above its pre-2020 … [+]
Since then, Fink shocked the world when he announced a surprise crypto in June flip, saying he expects bitcoin and crypto to “transcend” traditional currencies, including the U.S. dollar, thanks to Wall Street adoption.
“Importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation,” Fink said.
Earlier, he said bitcoin and crypto could “revolutionize finance” in a dramatic reversal from his previous position of bitcoin being nothing more than an “index of money laundering.