World’s Largest Asset Manager BlackRock to Launch Crypto Trading Services (Report)


The world’s largest asset manager plans to double down on its cryptocurrency engagement by launching such trading services, asserted a new report. This comes a year after the company dipped its toes by trading bitcoin and reporting owning stocks of BTC mining companies.

Citing people familiar with the matter, CoinDesk informed that BlackRock aims to enter the digital asset space with “client support trading and then their own credit facility.”
This will allow investors to borrow from the asset manager by providing cryptocurrencies as collateral.
Another source claimed that public pension organizations, endowments, and sovereign wealth funds will have the option to trade cryptocurrencies through BlackRock’s integrated investment management platform – Aladdin (Asset, Liability, Debt, and Derivative Investment Network.)
The NYC-based behemoth with over $10 trillion in AUM sampled the cryptocurrency industry last year by making a profitable short-term bitcoin trade through the Chicago Mercantile Exchange (CME).
Later on, reports emerged indicating that the firm owned nearly $400 million worth of shares of Bitcoin mining companies.
In the meantime, the organization’s executives, such as CEO Larry Fink and CIO Rick Rieder, praised bitcoin and some altcoins. Fink even predicted that BTC could become a great asset class and a threat to the US dollar, but it still has to prove itself.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

You might also like
Leave A Reply

Your email address will not be published.