BlackRock launches a new service to invest in Bitcoin

Bitcoin

A few days after announcing its collaboration with Coinbase, the cryptocurrency exchange, BlackRock announced that it will launch a new financial product to invest in Bitcoin.

The company explained during a press release that the new product will be a special bitcoin investment credit directed to institutional investors in the United States of America.

The statement continued that the new financial product will track the performance of the Bitcoin price after deducting the expenses and responsibilities of the fund, adding that despite the downturn in the cryptocurrency market, its institutional clients are still seeing an interest in how to efficiently and effectively access assets such as Bitcoin through the use of technological capabilities and products at Black Rock.

The statement pointed out that the launch of the product in Bitcoin is due to it being the most liquid digital currency in the cryptocurrency sector, and that Bitcoin is the oldest and largest digital currency, and it is the main topic of the company’s customers regarding the cryptocurrency market. With the exception of stablecoins, Bitcoin maintains close to 50% of the industry’s market capitalization.

Several days ago, Coinbase announced that BlackRock would provide cryptocurrency trading and storage services to its institutional clients through Coinbase Prime. According to the statement, BlackRock will use Coinbase Prime to provide institutional clients of Aladdin, the investment management platform, with direct access to cryptocurrencies.

Thus, services such as cryptocurrency trading, custodianship, prime brokerage, and reporting will be offered to the Aladdin Foundation’s customer base, which will become a Coinbase customer through the integration with Coinbase Prime.

.

Leave a Comment