In an interview with CNBC, BlackRock CEO Larry FINK called on the SEC to approve the tokenization of bonds and stocks. He added that the move would make things easier and simpler for institutions and investors. Fink gave an example of how tokenization would help his company save costs. They would no longer have to vote by proxy again because every investor would be notified through the tokenization of the stocks.
He added that the move would also save costs for investors and potential investors as it would reduce the cost of holding these stocks and bonds. In line with this, he reiterated that these are the types of financial reforms that the market needs. Larry Fink’s call for the tokenization of bonds and stocks came as he admitted that he is a “huge believer” in cryptocurrency, blockchain technology, and tokenization.
It’s worth noting that BlackRock already has a tokenized market fund called BUIDL. Built on the Ethereum network, it is the largest tokenized money fund on a public blockchain with a market cap of just over $600 million. Meanwhile, the BlackRock CEO’s latest comment comes a day after he predicted that Bitcoin could reach $700,000 if sovereign wealth funds allocated 2%-5% of their portfolios to the flagship cryptocurrency.
Image: freepik
Designed by Freepik
Read the full article here
