BlackRock (NYSE:BLK) Inc, the world’s biggest fund management firm, is reportedly set to further validate and legitimise crypto, with a new venture enabling clients to trade digital assets like Bitcoin.
It is said to be launching the iShares Blockchain and Tech ETF to tracks an index of crypto technology specialist companies.
The Wall Street firm will, according to media reports, allow its clients to trade crypto via its investment management platform, Aladdin, which allows customers to borrow from BlackRock by lodging assets as security.
Blackrock, which handles over US$10 trillion of assets for large institutions, has publicly acknowledged its involvement in crypto involvements in the past – most notably trading Bitcoin futures on the CME since January 2021.
It is “looking to get hands-on with outright crypto” and has been looking at providers in the space, one representative said.
Wall Street banks Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), and Citigroup are also reportedly evaluating the best approach to entering the world of digital currencies.