New York-based BlackRock on Track to Offer Cryptocurrency Trading
According to a report from CoinDesk, which cites sources familiar with the matter, New York-headquartered multinational investment management corporation BlackRock is about to launch a cryptocurrency trading service.
Institutional clients will reportedly be able to trade digital assets through BlackRock’s flagship Aladdin platform, which is responsible for managing trillions of dollars worth of assets. Last year, one of the company’s jobs indicated that it was working on a blockchain strategy for its extremely powerful portfolio management software.
The world’s number one asset manager, with $9.5 trillion in assets under management, has yet to confirm the report.
As U.Today reports, BlackRock allowed two of its funds to invest in the Bitcoin future in January 2021. In February, Blackrock’s global fixed income CIO, Rick Rieder, confirmed that the company had begun “dabbling” into bitcoin.
Last April, CEO Larry Fink believed that cryptocurrencies could turn into “a great asset class” after predicting that they could potentially pose a threat to the hegemony of the US dollar.In October, however, Fink said he was “probably” in the camp of JPMorgan CEO Jamie Dimon, later slamming bitcoin as worthless.
BlackRock, the third largest owner of Tesla, was also rumored to be behind the e-carmaker’s decision to abandon bitcoin payments.
Last September, Ryder predicted that the price of bitcoin could rise “significantly” in the future. Earlier, he had also praised the flagship cryptocurrency for its durability, arguing that it could “substantially” replace gold.