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BlackRock CEO: Tokenization of financial assets is the next trend and has the potential to eliminate all corruption.
BlackRock, with assets under management exceeding $10 trillion, submitted a Bitcoin spot ETF application in June of last year, sparking a wave of traditional financial institutions applying for Bitcoin spot ETFs. The U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications, including BlackRock's, on the 11th, marking a significant milestone for the cryptocurrency industry.
Tokenization of financial assets is the next trend
Larry Fink, CEO of BlackRock, stated in an interview with Bloomberg on the 12th that after the listing of the Bitcoin spot ETF, asset tokenization would be the next step for BlackRock. He said, "We believe the next step is the tokenization of financial assets, which means each stock, bond, will have its own CUSIP code, and it will be recorded on a general ledger. Each investor, you and me, will have our own code, our own identification."
CUSIP, short for the Committee on Uniform Security Identification Procedures, is the identification number for all U.S. stocks and registered bonds, managed by the American Bankers Association's Committee on Uniform Securities Identification Procedures (CUSIP).
According to Larry Fink, through tokenization, it will be possible to overcome all the problems currently associated with bonds, stocks, and digital illegal activities. Most importantly, customization of investment strategies tailored to each individual will be achievable through tokenization. He stated, "We will be able to settle instantly. Think about how much cost is associated with settling bonds and stocks. With tokenization, everything can happen immediately because it's just a separate ledger. We believe this is a technological revolution for financial assets."
Fink praises tokenization system for eliminating corruption
Previously, Larry Fink also expressed in an interview with CNBC on the 12th that the Bitcoin spot ETF is the first step in the technological revolution of the financial market, and the second step will be the tokenization of every financial asset. He sees the value of Ethereum ETFs, and these are just the beginning of tokenization. He mentioned, "If you have tokenized securities, and you have tokenized identities, when you buy or sell an instrument, it will be recorded on a collectively established general ledger. Think about issues like money laundering. Through the tokenization system, all corruption can be eliminated." |
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Post time 23-1-2024 17:09:22