The world’s largest asset manager, Blackrock, has launched Bitcoin private trust in response to its client’s growing demand. The company whose activities are exclusively reserved for US institutional clients announced the launching via a blog post on Thursday.
The spot Bitcoin private trust revealed that “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”
It added further that “Bitcoin is the oldest, largest, and most liquid cryptoassets and is currently the primary subject of interest from our clients within the cryptoasset space.”
In the post, Blackrock shed light on its activities in four digital asset areas such as crypto assets, permissioned blockchains, tokenization, and stablecoins, with potential benefits for the capital markets and clients.
The company announced its partnership with Coinbase, the Nasdaq-listed Cryptocurrency exchange last week. The partnership is expected to “provide common clients of Aladdin and Coinbase access to the digital assets trading lifecycle through connectivity between Coinbase and the Aladding platform, starting with Bitcoin.”
Earlier in March, Larry Fink, Blackrock CEO, revealed the company’s plan to serve its client better. According to the executive, the company “is studying digital currencies, stablecoins, and the underlying technologies to understand how they can help us serve our clients.”
He also indicated that his clients have shown increased interest in crypto assets compared to a year earlier when they showed “very little” interest.
Another Blackrock executive has expressed his optimism about crypto generally and Bitcoin in particular. The CIO, Rick Rieder, is optimistic that BTC will appreciate significantly, noting that crypto and Bitcoin are durable assets.
In April, the company launched a blockchain exchange-traded fund (ETF) as its contribution to the crypto community.
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