BlackRock Offers Crypto Trading: Report
New York-based BlackRock is on track to offer cryptocurrency trading
New York-based multinational investment management firm BlackRock is on track to introduce a cryptocurrency trading service, according to a CoinDesk Report citing sources familiar with the case.
Institutional clients will reportedly be able to trade digital assets through Blackrock’s flagship Aladdin platform, which is responsible for managing trillions of dollars in assets. Last year, one of the company’s job postings indicated that it was working on a blockchain strategy for its extremely powerful portfolio management software.
The world’s number one wealth manager, with $9.5 trillion in assets under management, has yet to confirm the report.
As reported by U.Today, BlackRock allowed two of its funds to gain exposure to Bitcoin futures in January 2021. In February, Rick Rieder, Blackrock’s global fixed income CIO, confirmed that the company had begun “floating” in Bitcoin.
Last April, CEO Larry Fink opined that cryptocurrencies could turn into “a great asset class” after predicting they could potentially threaten the US dollar’s hegemony.
In October, however, Fink said he was “probably” in JPMorgan CEO Jamie Dimon’s camp after the latter labeled Bitcoin worthless.
BlackRock, Tesla’s third-largest owner, is also said to be behind the e-car maker’s decision to scrap Bitcoin payments.
Last September, Rieder predicted that Bitcoin’s price could rise “significantly” in the future. Before that, he had also praised the flagship cryptocurrency for its durability, arguing that it could replace gold “to a large extent”.