March 28, 2024

The world's largest investment company BlackRock will allow customers to invest in cryptocurrencies

The world's largest financial asset management company BlackRock is preparing to offer clients productsfor trading cryptocurrencies. CoinDesk writes about this with reference to sources.

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The company that manages more than $10 trillion inassets of institutional investors, intends to enter the cryptocurrency space with the addition of “trading support for clients, and then their own lending institution.” In other words, customers will be able to borrow money from BlackRock secured by cryptocurrencies.

One source said that BlackRock, inwhose clients include pension, trust and government funds, plans to organize cryptocurrency trading through its investment platform Aladdin (from the “Asset, Liability, Debt and Derivative Investment Network”, that is, the Investment Network with the support of assets, liabilities, debts and derivatives). The timing of the launch of the initiative remains unknown.

About the possible intentions of BlackRock for the first time becameknown in June, when the company began searching for an employee for the position of head of the Aladdin blockchain direction. Previously, BlackRock began trading bitcoin futures traded on the Chicago Mercantile Exchange (CME), as it notified the US Securities and Exchange Commission (SEC). Last month, BlackRock launched the iShares Blockchain and Tech ETF, which tracks shares of crypto-related companies. In addition, BlackRock holds a 16.3% stake in MicroStrategy, which holds several billion dollars worth of bitcoins in its reserves.

Another source said that BlackRock is "aimingget direct access to cryptocurrencies" and "is looking for suppliers in this space". Another source claims that a team of approximately 20 people was assembled to complete the task.

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