BlackRock CEO’s Crypto About-Face – Yahoo Finance
Larry Fink, CEO of BlackRock, the world’s largest asset manager, changed his stance on crypto during 2022, sending strong trust signals to the markets.
Back in 2017, Fink said bitcoin was an “index of money laundering.” But in the summer of 2022, BlackRock, with $10 trillion under management, made two forays into bitcoin, further cementing the asset’s establishment as a mainstream investment.
Read more: Presenting CoinDesk's Most Influential 2022
The asset manager connected its Aladdin investment platform to Coinbase Prime, giving TradFi investors access to bitcoin, as prelude to expansion into other cryptocurrencies eventually. The firm also announced a spot bitcoin private trust, giving its clients direct exposure to the world’s largest cryptocurrency by market cap.
These moves were in response to demand from clients, BlackRock noted in its announcements, showing how even the biggest traditional investment bankers can’t ignore crypto any more.
As big TradfFi firms advance into crypto, they bring an infusion of cash and open the floodgates to hordes of new consumers and investors. However, the old-guard crypto community is apprehensive. What was envisioned as an anarchic financial technology is increasingly being co-opted by large institutions. Based on his moves in the past year and his enormous influence on the world of finance, Fink will be one of the people to shape crypto’s future, including just how close it stays true to its anti-establishment beginnings.
Venture capitalist Chamath Palihapitiya said reporters did not do their job in investigating FTX founder Sam Bankman-Fried before its collapse on a recent episode of the All-In podcast, whilst some of his other podcast hosts disagreed, saying it was also a failure of regulators and FTX’s VC investors.
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The retail giant helped consumers battled inflation and performed well as a result.
A16z partner Chris DIxon spent the first half of the year boldly amassing a $4.5 billion fund. But when the crypto industry went upside down, he pivoted to quietly support promising startups. That’s why Chris Dixon is one of CoinDesk’s Most Influential 2022.
Ford Motor is selling electric delivery vans to Deutsche Post logistics company DHL. Selling vehicles is what car companies do, but this time Ford is selling more than wheels. DHL announced Monday it has signed a memorandum of understanding with Ford (ticker: F) to purchase 2,000 electric-delivery vans by the end of 2023.
Orthogonal Trading was due to pay back a $10 million USDC stablecoin loan on Dec. 4.
Having whistleblowers’ trust made a cranky pseudonymous Twitter account key to the flameout of Terraform Labs and its LUNA token. That’s why FatManTerra is one of CoinDesk’s Most Influential 2022.
KUALA LUMPUR, Malaysia (AP) Saudi Arabia is now the only candidate to host the 2027 Asian Cup after India's soccer federation withdrew its bid on Monday. Preparing for the month-long tournament can let Saudi Arabia show its soccer hosting ambitions to FIFA, which is seeking bidders for the 2030 World Cup and future editions of a revamped Club World Cup. The Asian Football Confederation said the Saudi Arabian bid will be the only one presented to congress members for approval.
Layoffs continue to run through the tech industry, and more specifically the autonomous vehicle sector. The latest company to trim its workforce is Motional, the joint venture between Hyundai and Aptiv. Motional has offices in Boston, Las Vegas, Pittsburgh, South Korea, Singapore and several cities in California, including Milpitas and Santa Monica.
The ElectraMeccanica Solo is a single-seat electric vehicle that’s billed as thrifty, fun and practical. They have been imported from China, though the company opened an assembly and technical center in Mesa with the goal of building the 2023 model in the U.S.
The country’s first anti-government protests in 30 years might be fading, but that doesn’t mean they failed.
A roundup of recent banking and finance news across Greater Philadelphia: A coalition of 13 Republican state attorneys general wants to stop Vanguard Group from buying shares in U.S. utilities companies due to the investment manager’s environmental, social and governance policies. The attorneys general filed a motion last week to the Federal Energy Regulatory Commission requesting it block Vanguard’s purchase.
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Shares of the crypto-focused bank have been reeling in part due to links with failed crypto exchange FTX and sister company Alameda Research.
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Chinese residents have rushed to snap up COVID-19 antigen kits and medicines for fevers and colds, as the country's recent easing of prevention measures triggered widespread concern among the public that they could now catch the virus. Online medicine platforms, pharmacies and drugmakers have in recent days reported surging sales, with JD Health saying that sales of antigen test kits jumped 344% in the week between Nov. 28 and Dec. 4 from the previous week. "People around me are all buying antigen kits and I also bought 50," said 40-year-old Beijing resident Huang Yuqi, working for an entertainment company.
Crypto aspires to function without monetary oversight, but this year the U.S. Federal Reserve’s chair proved how far from reality this goal is at a time of high interest rates. That’s why, once again, Jerome Powell is one of CoinDesk’s Most Influential 2022.
Coinbase Global Inc. Chief Executive Brian Armstrong said Sam Bankman-Fried’s explanation of sloppy accounting as the reason US$8 billion moved from his crypto exchange FTX to brokerage arm Alameda Research doesn’t stand up to scrutiny.
Costco wins Yahoo Finance's coveted 'Company of the Year' award. Here are the biggest reasons why.
Circle, the company behind stablecoin USDC, has terminated its agreement with special-purpose acquisition company Concord Acquisition Corp., thereby stepping back from its plan to go public. The stablecoin issuer had announced plans to go public in July 2021, with a valuation of $4.5 billion. The valuation was later doubled when the firms amended their terms in February. "The Hash" panel discusses what this means for the future of mainstream stablecoin adoption as crypto contagion continues to spread.