London’s Financial News reported on Monday that the world’s largest asset manager BlackRock, responsible for $6.3tn in investments, set up a working group to investigate ways to take advantage of the emerging blockchain and cryptocurrency space.
This report was then confirmed by BlackRock CEO Larry Fink in an interview with Reuters News: “We are a big student of blockchain,” Fink said; though adding that at the moment he does not see a “huge demand for cryptocurrencies.”
The company later clarified that, in fact, this group has been in existence since 2015 and “meets periodically to exchange information on blockchain and consists of employees from various parts of the business…we have been looking at blockchain technology for several years, recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.”
Regardless of its actual incarceration, CoinDesk notes that news of the group resulted in a 4.5 percent increase in bitcoin’s value within two hours. These reports of blockchain and cryptocurrencies being investigated by the world’s largest asset management firm only adds to the credence of this technology and its prospects for future adoption.