Hyperlink Nº13—BlackRock on Digital Currencies, Goldman Sachs on Metaverse and web3
March 25th, 2022
BlackRock Acknowledges Client Demand for Digital Currency Services
BlackRock Looks to Offer Crypto Services as Client Demand Rises: CEO [CoinDesk]
Larry Fink, CEO of BlackRock, says the company is exploring digital currency offerings as client demand increases, partially in response the war in Ukraine. Last June, he stated that the firm was not seeing much demand for crypto services. In the most recent letter to shareholders, BlackRock has recognized a sharp increase in demand among the firm’s clients. He has committed BlackRock to “studying digital currencies, stablecoins, and the underlying technologies” to explore ways to better serve their client base.
"A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption." —Larry Fink, CEO of BlackRock
BlackRock’s Letter to Shareholders:
Goldman Sachs Leans Into the Metaverse and Web3
Goldman Sachs’ (GS) homepage now features a full page feature of what they are calling “Digitalization,” including the use of cryptocurrencies and concepts like the metaverse.
The page links to a directory of content on emerging tech, including cryptocurrencies, blockchain tech, the metaverse, and web3.
GS has long expressed interest in these concepts, but this public repositioning speaks to the firms’ strategy going forward.
Selected quotes from the introduction to GS’s report, Digital Assets: Beauty Is Not in the Eye of the Beholder:
“The most important question on their minds with respect to the digital asset ecosystem is whether cryptocurrencies form a legitimate asset class and therefore play a role in their investment portfolio.”
“The technology underlying blockchains is revolutionary, complex and rapidly evolving.”
“Finally, the role of cryptocurrencies is often conflated with the role of blockchain technology, making it difficult to separate the noise from true signals; the noise drowns out the important question of how blockchain technology contributes to economic growth and value creation.”