cryto

blockchain

BlackRock Exploring Blockchain & Cryptocurrency Business Model

BlackRock, the world’s largest and foremost asset management U.S. based multinational corporation with assets over $6 trillion, has publicized its exploration of the cryptocurrency market. They have set up a working group to find ways for incorporating virtual currency into the mainstream business model. The domain-specific team from different parts of the business will investigate cryptocurrencies and their underlying infrastructure, blockchain. The working group will also have an eye on their competitors to analyze the scenario of taking advantage out of the searing market research.

As a result, the most prominent and hyped digital asset, bitcoin, has upsurged its position suddenly and risen from $6,351 to a high of $6,739 with ethereum on the second, rising to $473 and ripple on the third gone up at $0.47 on Monday afternoon. Other supportive news has come from the Financial Stability Board (FSB) who drove crypto more towards the mainstream on Monday, announcing a “framework” to monitor crypto-assets in markets across G20 nations.

Despite the growing awareness and rising demand of cryptocurrencies, BlackRock CEO Larry Fink, who has titled cryptocurrencies as, “an index of money laundering,” and railed against it quite a few times in various interviews, continues to hold a less than optimistic future for it.

During an interview with Reuters, Fink mentioned: “We are a big student of blockchain,” however, he later stated, “I don’t see a huge demand for cryptocurrencies.” In another interview with Bloomberg, Fink said: “I don’t believe any client has sought out crypto exposure.”

A confidential source told CNBC that the working group is not a new development in BlackRock, but rather it existed since 2015. Chris Yoo, a portfolio manager at cryptocurrency hedge fund Black Square Capital Management said, “As the largest asset manager in the world, [BlackRock’s] interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space.”

We can clearly witness hope for Bitcoin along with other virtual currencies and for blockchain technology as it is creating an interest for future opportunities and capacity projections amongst many of the top-notch investment banks such as JPMorgan Chase, Goldman Sacs, and even form a currently less than optimistic BlackRock CEO.

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

HOT TOPIC

blockchainIn, , ,
Bitcoin Approaching Bottom, Institutional Money may “Explode Crypto”, as per Dollar Vigilante
January 14, 20190
blockchainIn, , , ,
Singapore Might Trigger Next Wave of Crypto Adoption by Making Regulations Next Year, Says the CMO of Cryptology
January 14, 20190

LITECOIN NEWS

In, , ,
No Bitcoin Deficit a Problem for Regulators, Says CME Group CEO Terry Duffy
March 26, 20190
In, , ,
Tether in Spotlight Again, Changes Terms of Reserves
March 25, 20190


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,917.73 0.02 % 0.46 % 2.44 %
Ethereum133.13 0.03 % 0.30 % 4.08 %
XRP0.298 0.06 % 1.09 % 5.48 %
Litecoin58.10 0.02 % 1.27 % 2.84 %
Bitcoin Cash156.97 0.02 % 0.93 % 2.06 %