BlackRock CEO Larry Fink has thrown his support behind an Ethereum (ETH) exchange-traded fund (ETF).
BlackRock CEO Larry Fink has thrown his support behind an Ethereum (ETH) exchange-traded fund (ETF), signaling the asset management giant's growing interest in cryptocurrencies beyond bitcoin (BTC).
"I see value in having an Ethereum ETF," Fink said. "These ETFs are stepping stones towards tokenization, and I believe that's where we're headed."
BlackRock's iShares Bitcoin Trust (IBIT) was among the several bitcoin ETFs that made their trading debut in the United States on Thursday, following the Securities and Exchange Commission's (SEC) approval. IBIT accounted for a significant portion of the total trading volume that the ETFs collectively saw.
Fink's endorsement of an Ether ETF comes as BlackRock is looking to list a similar product for Ethereum's native token. This move would align with the company's broader strategy of embracing tokenization, which involves representing assets (real world or digital) in the form of tokens on the blockchain. Fink believes that tokenization can help eliminate issues related to money laundering and other forms of corruption. He also sees cryptocurrencies, particularly Bitcoin, as an asset class that can provide protection against geopolitical risks.
"Bitcoin is similar to gold in that it's a scarce asset," Fink said. "However, unlike gold, we're almost at the maximum supply of bitcoin that can be created."
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
