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BlackRock to Start Offering Bitcoin – a Huge Milestone for Crypto 

Place/Date: - August 11th, 2022 at 4:46 pm UTC · 3 min read
Source: Persystic

BlackRock to Start Offering Bitcoin – a Huge Milestone for Crypto 

The recent months have not been the best for the crypto industry, and some positive news is very much needed in the crypto space. One of such is the recent BlackRock announcement that it will now offer cryptocurrencies, starting with Bitcoin, to its clients.

What Is BlackRock and Why Does It Matter?

Founded in 1988, BlackRock now handles a record-breaking $10 trillion of other people’s money as of December 2021. Except for the United States and China, this is more than the gross domestic output of every country on the planet.

The world’s largest investment management company is ready to enable direct access for its clients to cryptocurrencies. This is a major accomplishment for the crypto market since it illustrates the demand for Bitcoin among BlackRock’s clients and institutional investors. It might also be seen as a green signal for other funds to enter the crypto field as well. According to published reports, roughly a quarter of fund managers intend to grow their exposure to crypto assets over the next few years.

Almost 60% of BlackRock’s total assets under management are for institutional investors, with the majority of them being stock market-linked products. It also has a large alternative investments division, which managed $265 billion in assets under management as of last December, with products ranging from private equity to private credit to hedge funds.

Through its Aladdin product, BlackRock will allow gaining access to Bitcoin. Aladdin has helped BlackRock distinguish itself from its competitors throughout the years. Aladdin managed $21.6 trillion in assets in 2020, accounting for more than 4% of the world’s wealth. It has almost 55,000 investing professionals on its network. It has been announced that Aladdin’s customers will be able to purchase Bitcoin.

BlackRock and Coinbase Deal

Marking an exciting next phase in the crypto world, Coinbase announced a partnership with BlackRock, the world’s largest asset manager, to provide institutional clients of Aladdin, BlackRock’s end-to-end investment management platform, with direct access to crypto, beginning with Bitcoin, via Coinbase Prime connectivity. Coinbase Prime will offer crypto trading, custody, prime brokerage, and reporting to Aladdin’s institutional clients.

Although BlackRock’s move to collaborate with Coinbase may be perceived as a favourable validation for the crypto exchange from a large investment institution, it does not anticipate to be a significant driver of Coinbase’s outcomes in the short future. However, there are likely to be long-term benefits for both Coinbase and the crypto industry.

A Step Forward for the Crypto Industry

Despite the recent crypto collapse, positive movements in the crypto world, such as the BlackRock and Coinbase deal, are saving the trust in cryptocurrencies. With so many new projects, the industry is continuing to grow and expand, which makes it imperative that everyone is offered access to the crypto sphere.

Whether you are new or experienced in crypto, watching out for potentially promising new projects is beneficial for all. An exciting crypto in development is Persystic Token (PSYS), which aims to benefit content creators in the social media industry.

Persystic (PSYS) is built on Binance Smart Chain and will utilise its features to offer smooth and efficient operability. It will employ blockchain technology to bring decentralisation to the social media sector and will provide the next generation of social media services to the world.

To learn more about Persystic (PSYS), use the links: Website, Presale, Telegram.

Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.

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