BlackRock enters the crypto business

BlackRock, the world’s largest asset manager, has acquired a taste for crypto – and is digging deep into its pockets to do so.

  • Crypto company Circle has announced the closing of a $400 million funding round.
  • The funding includes the world’s largest asset manager, BlackRock, Fidelity Management, Marshall Wace LLP and Fin Capital.
  • Circle is the issuer of the stablecoin USD Coin (USDC).
  • USD Coin is a stablecoin pegged to the U.S. dollar with a market capitalization of $50 billion.
  • “In addition to its strategic corporate investment and role as the primary asset manager of USDC cash reserves, BlackRock has entered into a broader strategic partnership with Circle,” according to the press release.
  • “Dollar digital currencies like USDC are driving a global economic transformation, and Circle’s technology infrastructure is at the center of that transformation. This round of funding will continue to drive Circle’s growth,” said Jeremy Allaire, Circle’s co-founder and CEO.
  • BlackRock CEO Laurence Douglas “Larry” Fink already spoke of “an upswing in digital currencies” in an investor screed at the end of March

Picture by Pixabay

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