BlackRock Is Planning To Offer Crypto To Their Clients
New York-based owner of all things BlackRock continues to increase its presence in the crypto world, this time promising crypto trading their well-heeled clients. But yeah, crypto is NGMI.
BREAKING:
Wall Street is coming towards the markets, as BlackRock is planning to offer #crypto trading to clients.
Institutions are coming.
Countries are regulating.That's a sign of strength for the future of #blockchain & #crypto & #bitcoin.
— Michaël van de Poppe (@CryptoMichNL) February 9, 2022
According to a report — and apparently three sources — BlackRock is preparing a crypto trading division to offer its many big ticket clients. The asset manager is the world’s largest, with 10 trillion dollars USD worth of assets under management.
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- BlackRock intends to enter crypto with “client support trading and then with their own credit facility,” said a source familiar with the goings on at the behemoth.
- Apparently, in plain english, this means they will help clients use their own collateral. This is down to circumvent regulations.
- Goldman Sachs partnered with Galaxy Digital back in June in order to offer their clients access while skirting regulations. Galaxy Digital is authorized by the CFTC to trade in crypto futures.
- Though, it appears BlackRock isn’t content with just going through intermediaries — I mean, they are BlackRock. According to a source, they are “looking to get hands-on with outright crypto” and outright “looking at providers in the space.”
- Providers likely meaning exchanges and custodians.
- Last month, BlackRock filed for blockchain ETF. It’s yet to launch.
- BlackRock Salim Ramji, the head of BlackRock’s global ETF business, said back in December, “As the regulatory environment becomes clearer, and as the underlying liquidity dynamics of that market become more to our satisfaction… some of those dynamics will work in our favor.”
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