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BlackRock Offers Bitcoin Trading: Report

The world’s largest asset manager, BlackRock, is reportedly planning to offer a bitcoin trading service to its investor clients, three people familiar with the matter told CoinDesk. BlackRock entering the Bitcoin space by offering investment products to its clients could be a turning point in digital currencies as the New York-based company manages more than $10 trillion in assets for institutional investors. with their own credit facility. BlackRock’s more than 1,500 institutional clients — including corporate and public pensions, endowments and foundations, and sovereign wealth funds — could trade bitcoin through the wealth manager’s integrated investment software, Aladdin, one of the individuals reportedly said. with the case reportedly said BlackRock was interested in getting “hands-on with outright crypto” and “looking at providers in the space.” “They see all the power everyone is getting and want to start making some money off of this.” BlackRock’s chief executive officer Larry Fink said in May last year that the asset manager was studying bitcoin to determine whether it could offer counter-cyclical benefits, according to a Reuters report.The executive also said cryptocurrencies could potentially play a role. in long-term investments as an asset class comparable to gold filed with the United States Securities and Exchange Commission (SEC). Last month, BlackRock filed with the SEC to offer an exchange-traded fund that would invest in companies involved in the “development, innovation and use of blockchain and crypto technologies,” Bloomberg reported. BlackRock also owns a significant stake in bitcoin’s largest corporate holder, MicroStrategy, whose CEO Michael Saylor is a vocal bitcoin bull.
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