https://ift.tt/Fkva5ni Adoption Boom: BlackRock Is Exploring Support for Crypto Assets | CryptoGazette

The mass adoption of crypto has been one of the most important goals that the crypto industry set. More and more moves in this direction are taking place. Check out the latest exciting reports.

BlackRock is addressing crypto

A top executive at investment management behemoth BlackRock just recently said that the company is researching crypto assets in response to massive interest from clients.

In a new letter, CEO and co-founder Larry Fink says that digital assets can resolve many of the problems associated with international payments. These issues include high prices and associated crimes.

“A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.”

He also said:

“Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families.”

The executive says that many of the firm’s patrons are showing interest in virtual assets. As a result, the multitrillion-dollar management company is now studying the impact cryptocurrencies could have on its client base.

“As we see increasing interest from our clients, BlackRock is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.”

Fink also noted that nations are accelerating the pace at which they adopt digital currencies. This is partly due to the ongoing conflict between Ukraine and Russia.

“A less discussed aspect of the [Russia-Ukraine] war is its potential impact on accelerating digital currencies. The war will prompt countries to re-evaluate their currency dependencies.”

Banks and digitals assets

ore and more banks are getting ready to hop on the digital currency wagon. Check out the latest reports that highlight the mass adoption of crypto below.

The Bank of International Settlements (BIS) revealed the partnership with four financial institutions to develop central bank digital currencies (CBDCs).

In a new report, the BIS addressed Project Dunbar to focus on how a shared platform incorporating several CBDCs could help make international payments “faster and safer.”