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BlackRock launches spot bitcoin private trust for U.S. clients

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Blackrock launches spot bitcoin private trust for u. S. Clients
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BlackRock is launching a private trust offering U.S. clients direct exposure to bitcoin, the largest asset manager in the world announced.

“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,” the company said in a blogpost on Thursday.

According to BlackRock, Bitcoin is the oldest, largest, and most liquid crypto asset, and is currently the primary subject of interest from its clients.

After going through a “crypto winter”, Bitcoin has lost almost 60% of its all-time high of $69,000. However, on Thursday the digital currency rose above $24,700, its highest level since June’s lowest mark.

Earlier this year BlackRock CEO Larry Fink said its clients were showing increasing interest in digital currencies and the underlying technologies.

In the blogpost, BlackRock said it has been researching areas, including permissioned blockchains, stablecoins, cryptoassets and tokenization.

The news comes a week after cryptocurrency exchange Coinbase announced a partnership with BlackRock to provide its institutional clients with access to crypto trading and custody services.

Tags: BitcoinBlackRockCoinbaseCryptocurrency

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