Think of crypto trading and think of the largest portfolio manager of the world providing it, it will undoubtedly be a fresh breath of life to the nascent crypto market. Guess it might be possible!
BlackRock, Inc., the world’s largest asset/portfolio management company is speculated to set up a crypto trading service for its investor clients.
In Brief:
- The asset manager’s investment platform Aladdin will be used to trade crypto.
- Clients would be able to borrow from BlackRock by pledging crypto assets as collateral.
One of the person familiar with the matter reported, the New York-based firm, which manages over $10 trillion in assets for institutions, intends to enter the cryptocurrency space with “client support trading and then with their own credit facility.”Â
It does not end here though. BlackRock’s clients including public pension schemes, endowments, and sovereign wealth funds will be allowed to trade cryptocurrency through ALADDIN (Asset, Liability, Debt, Derivative and Investment Network), which is the investment management platform of the company.
This means clients would be able to borrow from BlackRock by pledging crypto assets as collateral. The only wait is for its final announcement on when it will happen.
It will give digital currency evangelists wings and strengthen their marketing argument that cryptocurrencies are the future.
BlackRock has already sent some positive signals to the market regarding crypto, as per a filing with the U.S. SEC, planning to launch the iShares Blockchain and Tech ETF, an exchange-traded fund tracking an index composed of companies involved in crypto technologies in the U.S. and abroad.
