The CEO of asset management giant BlackRock says there’s a huge need for emerging technologies like cryptocurrency.
In a new interview with CNBC, Larry Fink says the concept of Libra and cryptocurrency fills a gap that’s sorely needed for people who move money across borders.
“I was in Europe this past week. I had to buy a new briefcase because mine broke. And when I was going to sign the receipt, it asked me if I wanted to pay in euro or dollar. And I chose dollar. Then I looked at it – I’m still being charged 3%.
When you think about all the people who may work in one country and send money back home, they generally do that through organizations that charge 5% to 10%. There is a need, whether it’s a Libra or something else, to democratize the exchange of foreign currencies. Today with computers and the electronic market, it should be ten basis points, five basis points…
I don’t believe we need an international currency, but there is a huge need to bring down the fees.”
Back in April, Forbes reported BlackRock hired former Ripple product marketer Robbie Mitchnick and announced a “massive management overhaul” to focus on alternative investments.
The company is exploring the potential of Bitcoin and cryptocurrency, but has not confirmed whether it plans to offer crypto assets to its customers.