Back in February, cryptocurrency markets were abuzz amid headlines that BlackRock (BLK  ), the world's largest asset manager, was reportedly preparing to offer crypto trading to its institutional clients.

On Thursday, BlackRock Chief Larry Fink seems to confirm these reports in his annual letter to shareholders, writing that clients have shown "increasing interest" in digital currencies, including stablecoins and "the underlying technologies," better known as the blockchain. Fink said the company has been studying the new asset class to "understand how they help us serve our clients as a result."

BlackRock, which manages over $10 trillion in assets, has come a long way in terms of supporting digital currencies. About five years ago, then-CEO Fink called Bitcoin (BTC) an "index of money laundering." Now, Fink believes a "global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption."

Fink noted in his letter that Russia's invasion of Ukraine could accelerate the adoption of digital currencies by central banks. Crypto has been in the spotlight since the start of the war as Ukraine received more than $50 million via international crypto donations. Fink says one of the "less discussed" outcomes of the war will be countries reassessing their currency systems.

"The war will prompt countries to re-evaluate their currency dependencies," Fink wrote. "Even before the war, several governments were looking to play a more active role in digital currencies and define the regulatory frameworks under which they operate."

Fink pointed to the U.S. Federal Reserve as an example, as the central bank recently published a white paper earlier this year weighing the pros and cons of a potential U.S. central bank digital currency.

"Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families," Fink added.

BlackRock offering crypto trading would have some far-reaching implications for the industry as a whole. For starters, the move will give crypto trading more credibility to both institutional investors and consumers, which could greatly increase its use and functionality. BlackRock is also an industry leader, meaning when its makes moves, other competitors like Charles Schwab (SCHW  ) and Fidelity are more likely to follow, leading to wider adoption.