Blackrock investing strengthens crypto’s position
One of the largest asset management companies Blackrock Inc. has recently entered the crypto market. It has introduced a private trust that allows its institutional clients in the US to get exposure to spot Bitcoin. Moreover, the news about Blackrock investing in Bitcoin came through after partnering up with Coinbase for crypto custody and trading services.
Blackrock investing proves beneficial for Bitcoin
Blackrock investing in the crypto market has been quite constructive for Bitcoin. On 11 August, its price reached almost $25,000. Though its price has slid to $23,987, the move has boosted investors’ confidence. The overall market sentiment has also been bullish.
Many known figures in the crypto space also welcome the Blackrock initiatives as a landmark for the market. William Clemente, the lead analyst for Blockware, called it the ‘most bullish news’ for Bitcoin hodlers. He pointed out that it would ensure security for the investors.
The company itself has also changed its stance on cryptocurrencies. Five years back, its CEO, Fink Larry, labelled Bitcoin as a money laundering index. However, now Blackrock is investing in a BTC product and a crypto trading services as well. As per the statement from the company, the interest from institutional clients in crypto has inspired them to enter the space.
Other asset managers in the crypto market
Though Blackrock investing in digital asset class services has been the most impactful, several other players are entering this volatile market. Earlier, Charles Schwab’s asset management arm also invested in the market. It introduced an exchange-traded fund (ETF) for the institutions linked with cryptocurrencies. With the STCE ticker, this ETF was introduced on the 4th of August 2022 on the New York Stock Exchange for trading.
On the other hand, the UK giant, Abrdn, is also exploring cryptocurrencies. This week, FTSE listed Abrdn bought a stake in the exchange Archax, a UK-regulated digital tokens and assets exchange.
Author: Wasay Ali
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