Leading asset manager BlackRock is reportedly planning to offer crypto trading services to clients through its investment platform.
According to sources familiar with the matter, as reported by CoinDesk, BlackRock will offer crypto services through Aladdin (Asset, Liability, Debt and Derivative Investment Network), the company’s risk management division.
Founded 34 years ago, BlackRock is a global investment firm with $10 trillion in assets under management as of January 2022. The firm has offices across 30 countries and clients in over 100 countries.
BlackRock’s Interest in Crypto
In 2021, it started trading Bitcoin CME futures, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Earlier this year, it filed for an exchange-traded fund (ETF) that tracks blockchain technology.
Stating BlackRock’s motives for the move, one of the people familiar with the matter said the asset manager was “looking to get hands-on with outright crypto” and “looking at providers in the space.”
Interestingly, the investment firm holds 16.3% shares of the business intelligence firm, MicroStrategy which is an aggressive Bitcoin buyer, currently holding over $5.5 billion worth of BTC in current prices.
BlackRock’s plan to offer crypto services might have been in the works since last year because according to GlobalData’s job analytics data released in June 2021, the asset management firm has been seeking to develop a blockchain strategy for Aladdin.
BlackRock Joins the Fold
Meanwhile, BlackRock has now joined a growing list of Wall Street giant institutions offering or already planning to offer crypto trading services.
Back in March 2021, investment banking giant Morgan Stanley revealed in an internal memo that it would be offering three Bitcoin funds to its wealthy investors.
That same month, Goldman Sachs also announced plans to start offering crypto to its wealthy clients.
In August, JPMorgan Chase started offering its clients access to six crypto funds created by digital asset company New York Digital Investment Group (NYDIG).
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