BlackRock Exploring Cryptocurrencies

Marcin Iwański
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According to the CNBC, The New York-based BlackRock has set up a working group to explore how they can benefit from the cryptocurrency market.

However, CEO of the company, look at bitcoin with scepticism, the prices of the cryptos may be affected by capital inflows from the largest asset management company.

Today’s cryptocurrency growth may have been influenced by the decision of one of the largest asset management companies from the United States, managing assets worth around $6 trillion.

BlackRock, Inc. is an American global investment management company based in New York. BlackRock, founded in 1988, initially as a risk manager and fixed income asset manager. The company has created a team of the best economists and analysts to explore cryptocurrencies and blockchain technology. Investments from “whale”  cannot be unnoticed, if the company decides to step into the cryptocurrency market, it may cause another “to the moon” episode.

“We have been looking at blockchain technology for several years, recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.” – said the company’s spokesperson in the email statement.

According to CNBC, the working group was raised in 2015 and they are looking at blockchain technology and cryptocurrencies since then.

The working group, which includes the New York investment giant Terry Simpson, will examine whether BlackRock should invest in Bitcoin futures. The team of experts also wonders what BlackRock’s competitors want to do with the cryptocurrencies and how it can affect the company’s operations.

The news from BlackRock could have caused today’s growth in the entire market. Bitcoin grew by 3.94%, while Ethereum grew 5,22% (press time).


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