BlackRock reportedly set to launch crypto trading services

World’s largest asset manager BlackRock, according to reports is looking to launch crypto trading services for its clients.
BlackRock reportedly set to launch crypto trading services

According to a CoinDesk story citing persons familiar with the topic, BlackRock, a New York-based international investment management organization, is planning to launch a cryptocurrency trading service.

Blackrock’s flagship Aladdin platform, which is responsible for handling trillions of dollars in assets, will purportedly allow institutional clients to trade digital assets.

One of the company’s job advertisements from last year stated that it was developing a blockchain approach for its incredibly sophisticated portfolio management software. The report has yet to be confirmed by the world’s largest asset manager, which has $9.5 trillion in assets under control.

BlackRock trades Bitcoin futures

As reported earlier in January 2021, BlackRock permitted two of its funds to get exposure to Bitcoin futures. Rick Rieder, Blackrock’s global fixed income CIO, stated in February that the business had begun “dabbling” in Bitcoin.

After forecasting that cryptocurrencies might represent a threat to the US dollar’s hegemony, CEO Larry Fink said in April that they could evolve into “a terrific asset class.”

However, after JPMorgan CEO Jamie Dimon lambasted Bitcoin as worthless in October, Fink indicated he was “probably” in Dimon’s camp.

Tesla’s decision to abandon Bitcoin payments was also said to be influenced by BlackRock, the e-car maker’s third-largest shareholder.

Rieder predicted in September that the price of Bitcoin will rise “substantially” in the future. He has previously complimented the flagship cryptocurrency for its longevity, claiming that it might “to a considerable extent” replace gold.