BlackRock, the world's largest asset management company, is preparing to offer its investor clients a cryptocurrency trading service. Th...
The New York-based company, which manages more than $10 trillion in institutional finance, plans to enter the cryptocurrency space with “intermediation in the purchase/sale of tokens, and then with lending.” In other words, customers will be able to borrow from BlackRock by pledging crypto assets as collateral.
One insider revealed that BlackRock will allow its clients, including government pensions, endowments, and sovereign wealth funds, to trade cryptocurrencies through the Aladdin platform (short for Asset, Liability, Debt and Derivative Investment Network). and derivative investments). The launch date for the service is yet to be determined. Blackrock declined to comment.
Also, BlackRock has created a working group exploring new solutions and opportunities for digital finance. They hope to profit from the sector and follow the lead of their competitors. Most of the large Wall Street financial institutions have already begun the transition to digital assets. Examples are Morgan Stanley, Goldman Sachs, and Citi.
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According to Visa Chairman and CEO Al Kelly, the company's customers made more than $2.5 billion in payments from crypto-pegged cards during the first fiscal quarter of 2022 ending Dec. 31. In fact, this accounted for 70% of total crypto payments in FY 2021.
