Published: 2022-11-30

This note was written on November 30, 2022, but the scraped content was originally published on November 30, 2022.

Summary of BlackRock CEO's FTX Remarks

He said he invested $24 million in FTX. Despite the fact that FTX collapsed, cryptocurrency technology will still continue in the future. FTX went bankrupt because it created its own centralized FTT token.

He pointed out, "The reason FTX failed is that it created its own centralized FTX token (FTT)," and "I think it conflicts with the fundamental nature of cryptocurrency (decentralization)."

He added, "Centralized coins such as Binance Coin (BNB) and Crypto.com Coin (CRO) account for more than $57 billion of the $862 billion total cryptocurrency market cap," and "I remain skeptical of such coins."

In the blockchain world, "tokenization" is the process of recording digitized assets on a blockchain and verifying the transaction and ownership history of the assets. It clarifies ownership by converting rights to an asset into digital tokens on an immutable blockchain. When assets such as stocks, bonds, real estate, wine, and art are tokenized, everyone can see what transaction process they have gone through.

CEO Fink argues that tokenization of securities enables instant settlement (in financial services) and can lower fees.

Topics: BlackRock,Larry Fink
Category: Scrap/Saved
Publish: 2022-11-30

Published: 2022-11-30

This note was written on November 30, 2022, but the scraped content was originally published on November 30, 2022.

Summary of BlackRock CEO's FTX Remarks

He pointed out, "The reason FTX failed is that it created its own centralized FTX token (FTT)," and "I think it conflicts with the fundamental nature of cryptocurrency (decentralization)."

CEO Fink argues that tokenization of securities enables instant settlement (in financial services) and can lower fees.

Topics: BlackRock,Larry Fink
Category: Scrap/Saved
Publish: 2022-11-30