The next step for the financial market is to turn securities into tokens.

BlackRock's CEO says FTX failed because it established its own FTX Token.

Larry Fink believes FTX's own-created token caused its failure, but that crypto and blockchain technologies will be transformational.

Fink is dubious of these tokens and believes "most of these companies won't be around."

Fink  said it would change the investing ecosystem, as rather than trusting banks, “instantaneous settlement” .

Instant settlement of bonds and equities, no middlemen, will reduce fees considerably, Fink said.

They refused to comment on charges that they and other VC firms failed to undertake due diligence on FTX.

The launch of an ETF giving investors exposure to 35 blockchain-related companies.