The CEO of the world's largest asset manager BlackRock blamed FTX’s own token for the exchange's demise. He's still bullish on blockchain and crypto, however, saying it will revolutionize investing.
for over $57 billion of the $862 billion total crypto market cap. Fink suggested that he was still skeptical of these tokens and believes “most of these companies [controlling the tokens] are not going to be around.”
Later in the interview with New York Times’ journalist Andrew Sorkin, Fink said that while he sees Exchange Traded Funds as being the cause for the previous evolution of investing, he believes that tokenization will be behind the next, noting: “I believe the next generation for markets, the next generation for securities, will be tokenization of securities.”
He then elaborated on some of the potential benefits of tokenization, suggesting that it would change the investing ecosystem, as rather than trusting banks, “instantaneous settlement” would be possible on distributed ledgers that show every owner and seller of securities. “Think about instantaneous settlement [of] bonds and stocks, no middlemen, we’re going to bring down fees even more dramatically," he explained.
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