Long-term approach in blockchain innovation and client solutions

The transition from skepticism in 2018 to acceptance in 2021 was driven by a client-focused and long-term approach in exploring blockchain technology applications. While many initial use cases did not work, there was a focus on learning and understanding the technology. By 2020, there was increased client interest due to factors like post-COVID economic conditions, Bitcoin's surge, and significant venture capital influx. Institutionalization of infrastructure and regulatory environment improvements also played a crucial role. BlackRock's approach divided the space into three pillars: crypto, stable coins, and tokenization. Collaborations with Coinbase Prime for trading and custody capabilities, managing USDC reserves, investing in Circle, and tokenization work with JP Morgan were key steps in providing solutions to clients within the BlackRock quality standard.