Sources Claim that clients will be able to trade bitcoin through the BlackRock firm’s Aladdin investment platform.
Investors will be able to trade cryptocurrencies through BlackRock, according to three people familiar with the preparations. Blackrock is the world’s largest asset manager.
The New York-based firm handles over $10 trillion in assets for institutions. It aims to enter the cryptocurrency market with client support trading and subsequently with their own credit facility. With this, clients would be able to borrow money from BlackRock. This is done by declaring cryptocurrency assets as security.
Sources say that Aladdin (Asset, Liability, Debt, and Derivative Investment Network”), will allow its clients to trade cryptocurrencies. Aladdin is BlackRock’s integrated investment management platform. The exact date of the service’s debut is unknown.
Crypto Trading
In June, the asset manager may have hinted at its aspirations when it hired an Aladdin blockchain strategy director. Also, Goldman Sachs, Morgan Stanley, and Citi are actively pursuing crypto among the Wall Street institutions.
Some good news for the crypto market came from a filing made with the US Securities and Exchange Commission. BlackRock has already traded CME bitcoin futures. Furthermore, iShares Blockchain and Tech ETF is also in the works. IShares Blockchain is an exchange-traded fund. On the other hand, Tech ETF tracks an index of companies. They focuses on those who work in crypto technology in the United States and worldwide.
MicroStrategy’s CEO, Michael Saylor, routinely lauds news about his firm’s bitcoin holdings, and BlackRock controls 16.3% of MicroStrategy.
In fact, BlackRock is trying to get hands-on with real crypto. It is now looking at suppliers in the area, says a second person who knows about the plans.
According to a third person, working group of about 20 or so people at BlackRock are looking at crypto. Additionally, the person said that they see all the money that everyone else is getting. Because of that, they wanted to start making some money from this.
