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I want to setup a global variable that could be used across the whole Marketing Cloud. For example key/passphrase value for encryption functions. So if the key changes than I can change it just in one place.

Does Marketing Cloud supports something like this? Thank you.

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Consider setting up a data extension with key-value pairs and then using ampscript function to do query on data extension to return desired value.

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Another option would be to create a content area that sets a variable

%%[set @GlobalVar = "SOMEVALUE"]%%

Then reference this content area using ContentArea() or ContentAreaByName()

%%=ContentArea("7003887")=%%

Then you would be able to reference the variable set in the content area

%%=v(@GlobalVar)=%%

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