These Wall Street Firms Are Ramping Up Efforts To Tokenize Assets
Portfolio Pulse from Tanzeel Akhtar
Wall Street firms are increasingly focusing on tokenizing assets on the blockchain, with State Street Global Advisors expressing interest in tokenizing ETFs and BlackRock's CEO Larry Fink acknowledging the operational potential of blockchain technologies. Citigroup has initiated a pilot called 'Citi Token Services' for institutional clients. Analysts predict the asset tokenization market could reach $10 trillion by 2030, a significant increase from the current $300 billion.
November 10, 2023 | 3:37 pm
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POSITIVE IMPACT
BlackRock's CEO Larry Fink sees potential in blockchain technology for operational improvements, indicating a strategic interest in the digital assets space.
BlackRock's CEO's comments on the potential of blockchain technology suggest a positive outlook for the company's involvement in the digital assets space, which could lead to innovative products and services, potentially benefiting the stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Citigroup has launched a pilot program 'Citi Token Services' using blockchain for cash management and trade finance, indicating its move towards blockchain integration.
The initiation of 'Citi Token Services' demonstrates Citigroup's proactive approach to blockchain technology, which could streamline operations and attract institutional clients, potentially having a positive impact on the stock in the short term.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 80