Blackrock is eyeing the crypto market and after its deal with Coinbase, it has now launched a spot Bitcoin private trust. Blackrock is one of the biggest assets managers in the world and its entry into the crypto currency business is a big development for the crypto community. In a statement the asset managing company talked about its endeavor to provide its clients with a varied choice of investment opportunities.
BlackRock Bitcoin Private Trust
Despite the market downtrend, asset managing company partnered Coinbase so that clients of Aladdin will get access to the digital assets trading lifecycle. The asset manager sees a surging adoption and interest of cryptocurrency among its hardcore clients as well as some of its institutional clients.
In a statement BlackRock said “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.”
Singling out Bitcoin as the oldest, largest, and most liquid crypto asset,asset managing company described the number one cryptocurrency as the number one preference of its clients within the crypto asset space. The asset managing company revealed that Bitcoin accounts for 50% of industry’s market capitalization.
The Coinbase deal has been viewed as a positive development by the crypto community. It is also seen as a positive development towards the regulation of the crypto sector. In the long term many experts predict that BlackRock’s entry in the crypto sector will create a bullish atmosphere.
Works On Renewable Power Based Bitcoin Mining
BlackRock is also working on the possibility of market based renewable energy purchases. In other words, it is an exercise to gauge if renewably-powered Bitcoin mining and hosting operations are sustainable. A study is on in this direction and two non-profit organization Energy Web and RMI, are preparing a road map on accelerating the energy transition and provide a certification program. The move will give larger transparency about the energy usage of Bitcoin mining