Benzinga - Floki's (CRYPTO: FLOKI) sister token TokenFi (CRYPTO: TOKEN) is betting heavily on tokenization.
What Happened: TokenFi is up 33% in the last seven days, outperforming Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which gained over 2-4% during the same period.
Larry Fink, CEO of BlackRock, on Friday expressed his belief in the potential benefits of an Ethereum (CRYPTO: ETH) -based ETF, viewing such cryptocurrency funds as an incremental progress towards the broader goal of tokenization.
His observations followed closely on the heels of the Securities and Exchange Commission’s (SEC) approval for a selection of spot Bitcoin ETFs to begin trading stateside.
Speaking to CNBC, Fink said, “These are just stepping stones toward tokenization. I really do believe this is where we’re going to be going. We have the technology to tokenize today.”
Tokenization, as emphasized by Fink, uses blockchain technology to digitize real-world items. Fink said tokenization could potentially resolve issues in “money laundering, identity theft, and corruption.”
In a fresh interview with Bloomberg, Larry Fink, the CEO of BlackRock, the world's largest investment firm managing $10 trillion in assets, highlights tokenization as 'the next step going forward' after the #BitcoinETF.This is the second time within the span of a week that Fink… pic.twitter.com/JRYoYVqWhs
— TokenFi (@tokenfi) January 13, 2024
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Why It Matters: B Da Viking, Floki Core contributor, said, "When the CEO of BlackRock, the world’s largest asset manager with $10 trillion of assets under management, tells you that the much-hyped Bitcoin ETF is a “stepping stone” towards tokenization, you pay attention. We’ve been harping on this at TokenFi for a while now!”
When the CEO of #BlackRock, the world's largest asset manager with $10 trillion of assets under management, tells you that the much-hyped #BitcoinETF is a "stepping stone" towards tokenization, you pay attention.We've been harping on this at @TokenFi for a while now!… https://t.co/g5pF2lzkQK
— B (Da Viking) (@100bviking) January 12, 2024
Price Action: At the time of writing, TOKEN was trading at $0.029, up 1% in the last 24 hours, according to Benzinga Pro.
Photo by BBbirdZ on Shutterstock
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