New York-based BlackRock is on track to offer cryptocurrency trading
New York-headquartered multinational investment management corporation BlackRock is on course to introduce a cryptocurrency trading service, according to a CoinDesk report that cites sources familiar with the matter.
Institutional clients would be able to trade digital assets through Blackrock’s flagship Aladdin platform, which is responsible for managing billions of dollars in assets. Last year, one of the company’s job postings indicated that it was working on a blockchain strategy for its hugely powerful portfolio management software.
The world’s number one asset manager, which boasts $9.5 trillion worth of assets under management, is yet to confirm the report.
As reported by U.Today, BlackRock cleared two of its funds for exposure to Bitcoin futures in January 2021. In February, Rick Rieder, Blackrock’s Global Fixed Income CIO, confirmed that the company had started to “dabbling” in Bitcoin.
Last April, CEO Larry Fink opined that cryptocurrencies could morph into “a great asset class” after predicting that they could potentially pose a threat to the U.S. dollar’s hegemony.
In October, however, Fink said he was “probably” in the camp of JPMorgan CEO Jamie Dimon after the latter called Bitcoin worthless.
BlackRock, the third-largest owner of Tesla, was also rumored to be behind the e-car maker’s decision to ditch Bitcoin payments.
Last September, Rieder predicted that the price of Bitcoin could increase “significantly” in the future. Before that, he had also praised the flagship cryptocurrency for its durability, arguing that it could replace gold “to a great extent”.
