Depending on who you ask, BlackRock just saved, or killed, crypto
Almost the weekend! Dan DeFrancesco in NYC, and we've got a new dinosaur species!
Today we've got stories on a startup helping you build your credit with rent payments, Wall Street reentering the home-buying frenzy, and how to cut out late-night snacking.
But first, a crypto conundrum.
1. Crypto's critical juncture.
Ready or not, Wall Street has arrived for crypto.
In case you missed it, BlackRock recently applied with regulators to launch an exchange-traded fund tracking the price of bitcoin.
On paper, this seems like a massive win for the crypto community. The industry has had a brutal year-plus run of bankruptcies and scandals. Getting buy-in from the world's largest asset manager has to be considered a victory. After all, recognition from Wall Street's elite was what plenty of crypto enthusiasts were striving for. Right?
Well, not quite.
As Insider's Rebecca Ungarino reports, the ink is barely dry on BlackRock's application, but some in the crypto community have already started raising red flags.
BlackRock's bitcoin ETF application isn't some fly-by-night operation. As Rebecca and Morgan Chittum have previously reported, BlackRock has been steadily pushing deeper into crypto over the years and has nearly a dozen executives across the firm focused on the space.
But that hasn't stopped critics from painting BlackRock's filing as part of a wider power shift in crypto benefiting traditional financial firms. (It's worth noting that the announcement coincides with the launch of EDX Markets, a crypto exchange backed by Wall Street royalty like Citadel Securities, Fidelity, and Charles Schwab, per The Wall Street Journal.)
I don't have my tin-foil hat securely on my head, but I can understand the crypto community's skepticism about large financial firms entering the market. I've always believed that crypto in its current form can't fully exist in the confines of the US financial system.
It's not just the core elements of crypto — anonymity and decentralization — that make finance firms queasy. Wall Street isn't in the business of supporting causes that could put it out of business.
Contrary to what executives might say publically, finance firms play for keeps. It's not, "a rising tide lifts all boats." It's, "burn the boats."
Did you really think financial institutions would just sit on the sidelines and let their business models get disrupted? Of course not. By partnering with traditional finance firms, crypto companies are letting the fox in the hen house.
Read more on how BlackRock's bitcoin ETF filing is bringing out the conspiracy theories.
In other news:
2. JPMorgan looks to a bank veteran as part of its AI strategy. Teresa Heitsenrether, who has been at JPMorgan for more than 30 years, was picked to lead a new data and analytics team that'll play a key role in the bank's push into AI, per Bloomberg. Here's a breakdown of the six JPMorgan executives leading the new unit. And for more on how the biggest US banks are organizing their AI teams, click here.
3. This startup wants to make rent payments mean something. Boom helps people build credit by reporting their rent payments to credit bureaus. Check out the deck it used to raise a $4.5 million seed round.
4. We're looking for impressive, young people on Wall Street. We're now accepting nominations for our annual list of Wall Street's rising stars. We're looking for the top people in investment banking, investing, and sales and trading who are 35 or under. Here's more on how to submit someone for consideration. And check out last year's list here.
5. Wall Street is preparing to get back on the hunt for homes. As the tides start to turn on the housing market, players in the $4 trillion single-family rental market are ready to dive back in. Here's what it means for the rest of us.
6. Netflix recommends some M&A. The streaming giant is looking to cut more deals as it looks to continue to grow its subscriber base and build new franchises, like gaming. Here's who is in charge of Netflix's M&A plans and what the company could buy next.
7. JPMorgan strikes back at US Virgin Islands over Jeffrey Epstein allegations. The bank alleged Epstein received more than $300 million in tax breaks from the territory, among other benefits, in a recent filing, per Reuters.
8. Big companies to bet your career on. An employer-review site just released its annual ranking of large companies that offer the best career growth. Check out the 25 companies that give you the tools to be your own boss.
9. I looked at my kingdom. I was finally there. To sit on my throne as the prince of Bel-Air. A Bel-Air mansion owned by billionaire investor Gary Winnick is aiming to set the record for the most expensive home in the US with a $250 million listing price, The Wall Street Journal reports. Take a peak inside the 40,000-square-foot estate.
10. Cut out the late-night snacks. Tips from a dietitian on how to avoid those midnight trips to the fridge. More here.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Kaja Whitehouse in New York and Nathan Rennolds (tweet @ncrennolds) in London.