BlackRock is evaluating cryptocurrencies, CEO Fink says

Galtero Lara
Julio 18, 2018

BlackRock has formed a team to look into how the world's largest asset manager can take advantage of the cryptocurrency market and blockchain, London's Financial News reported.

The world's most valuable virtual currency by market value jumped more than 4 percent to around $6,612, according to industry website CoinDesk, which tracks prices from a number of different exchanges. The price of Ethereum also went up by 5 percent while that of Ripple went up by 4 percent.

According to a Monday report by Financial News, the USA investment giant, which has $6.3 trillion in assets under management, has created a team from different parts of the business to investigate cryptocurrencies and their underlying technology, the blockchain.

BlackRock isn't the first to trace back its steps.

On Monday, a Financial News report claimed that BlackRock had established a working group to look into cryptocurrencies and blockchain infrastructure. The group consists of different employees from several parts of the business.

More news: Histórico debut de "El Marginal 2"

Information reaching our desk indicate that the working group has been in existence since.

The news follows a report by Fortune magazine that hedge fund billionaire Steve Cohen's venture arm Cohen Private Ventures invested in Autonomous Partners, a cryptocurrency-focused investment fund.

With many institutional investors joining the cryptocurrency markets this will boost the crypto markets as well give other investors' confidence to join the market which is key for its growth.

Virtual currencies have been shrouded in doubt due to excessive volatility in the market resulting in wild price swings. In 2017 the price of Bitcoin went close to 20,000 dollars but has since lost more than half of that price. Countries like China and South Korea have moved to regulate the market with both countries banning Initial Coin Offerings.

Otros informes por

Discuta este artículo

SIGUE NUESTRO PERIÓDICO