BlackRock had invested $24 million in FTX exchange
Crypto winter

BlackRock had invested $24 million in FTX exchange

The boss of BlackRock has made it known that his company has invested $24 million in the failed platform FTX. For Larry Flink, the technology behind crypto is here to stay.

On Wednesday at the New York Times DealBook Summit, which incidentally featured Sam Bankman Fried, BlackRock’s CEO said that the crypto exchange FTX, which was filing for bankruptcy last month, had apparently engaged in “reprehensible behavior,” Reuters reports.

We’ll have to wait and see how this all plays out […] I mean, right now we can imagine anything and it looks like there was some misconduct with major consequences,” Larry Flink said.

Blackrock, the firm with $10 trillion in assets under management had invested in FTX. During the NYT event, Flink said it was a $24 million investment.

The 70-year-old executive believes that most of the current crypto businesses will disappear but that the technology behind crypto holds great promise especially for instant settlement of securities.

I think the next generation of markets and the next generation of securities will be tokenization of securities,” he said on the subject.

Other major TradFi figures had also backed FTX in its multiple rounds of financing. They include Tiger Global, Soft Bank and the Singaporean fund Temasek, which held a $210 million stake in the exchange.

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