As cryptocurrencies gain momentum worldwide, some of the world’s largest investment firms such as JP Morgan Chase, Goldman Sachs, and Fidelity recently opened new investment avenues for crypto investors with their offerings in the sector.
Now the world’s largest asset manager is reportedly joining the list as BlackRock may soon provide crypto trading services to its investor clients, crypto media outlet CoinDesk reported Thursday citing “three people with knowledge of the plans.”
Per the sources’ revelation, BlackRock plans to offer crypto support trading as well as its own credit facility where clients can borrow money from BlackRock by collateralizing crypto assets. Additionally, the asset manager will enable trading via its integrated portfolio management system Aladdin, short for Asset, Liability, Debt, and Derivative Investment Network.
BlackRock is the world’s largest asset management company with more than $10 trillion assets under management, making it one of the biggest names to enter the crypto industry. BlackRock’s entry into the wider crypto ecosystem may become one of the turning points in its history.
Meanwhile, the company has not been totally discreet about its plans. In June 2021, BlackRock began hiring for a blockchain strategy lead for Aladdin and filing for derivatives-based crypto products traded on the Chicago Mercantile Exchange (CME).