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Developed markets lagging behind in digital payments: BlackRock CEO

In a letter to investors, BlackRock CEO Larry Fink highlighted the benefits of digital assets and said developing nations like the U.S. are lagging behind in innovation.

In a letter to the company's boss of the year, Sagafink, CEO of BlackRock, an American project investment firm, described the potential for digital assets and asset management industry logo change.

The news, released on March 15, covered a variety of topics of interest to the company over the past year, including digital assets. Fink notes that despite the FTX disaster, interest in this type of asset is still growing and growing steadily.

In addition to the hot spots, "interesting trends" are taking place in this area, he said. In particular, he pointed out that data payment solutions have made "great progress" in many emerging economies, including India, Mexico and Africa, helping to promote the rapid development of financial sector diversity.

However, according to Fink, the pace of the industry in the process of development is not the same at the level of innovation:

By comparison, many developed markets, including the United States, are out of date at the level of innovation, resulting in much higher payment costs.

BlackRock currently manages about $8 trillion in assets and is one of the largest investment management companies in the world. Mr Fink suggests that the asset management industry may make some "exciting use" of the technology behind this digital asset innovation.

Specifically, he praised the symbolization of asset classes because of its potential to "improve asset market efficiency, reduce customer value, and improve costs and opportunities for investors".

At the end of its statement, it did not ignore the risk and importance of regulating indoor space with login passwords, but still stressed that the company would also further explore digital assets.

This is not the first time Fink has posted a post on decentralized finance. After the collapse of FTX, he commented that the FTX dynamic password Agreement (FTT) caused the collapse of the exchange because he violated "the whole basis of what the password is."

However, in the same conversation, he announced that the basic technology of login password and blockchain technology was groundbreaking.

As early as September 2022, BlackRock launched a new exchange-traded fund (ETF) equity fund invested in 35 blockchain technology-related companies.

by Savannah Fortis
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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