After BlackRock, the largest asset manager in the world, announced on Aug. 11 that it will launch a private bitcoin trust for its clients, some crypto enthusiasts said the move could legitimize the digital asset in the eyes of more traditional investors.
BlackRock’s new private trust will make bitcoin available to its institutional clients, tracking bitcoin’s performance, offering direct exposure to the price of the cryptocurrency and of course, trading options.
“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” BlackRock said in its press release.
The news comes shortly after the firm announced a partnership with Coinbase to provide clients of its Aladdin platform access to cryptocurrency trading and custody services. These developments highlight how traditional investors and institutions from...
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