Global asset manager BlackRock has been preparing to offer crypto trading to its investor clientele, according to reports.
It has been stated that BlackRock will enable crypto trading on its asset, liability, debt and derivative investment network, or portfolio management software, Aladdin.
BlackRock, based in New York, manages more than $10 trillion in assets for several institutions and now aims to slide into the expanding crypto space, offering “client support trading and then with their own credit facility”.
One source has said that such clients will have the option to borrow from the asset manager by pledging crypto assets as collateral.
Although sources have mentioned BlackRock’s plans for its crypto trading service, the cryptocurrencies that the company will support have yet to be announced with no deadline for when the new service will launch.
In June, the hiring process commenced for the Aladdin blockchain strategy lead. It has been said that BlackRock could have set its sights on such crypto involvement since then.
Considering the spike in popularity among large financial institutions in Wall Street banks, major companies like Goldman Sachs, Citi Bank and Morgan Stanley have shown their enthusiasm when considering working on (fine-tuned) strategies with the currencies.
BlackRock has been no shrinking violet when it comes to giving the thumbs up to crypto services, the company has declared much positivity surrounding the marketplace by ‘studying’ crypto itself, monitoring the development of its infrastructure.
The company has plans to launch Tech ETF and iShares Blockchain in the US and overseas.