Multinational investment firm BlackRock has launched a Bitcoin (BTC) private trust for institutional clients, the company announced in a blog post on Thursday, August 11.
Although other investment firms have beaten BlackRock to the punch with similar products — for instance, the Grayscale BTC Trust (GBTC) — BlackRock holds a mammoth $10tn in assets under management, making the issuer’s size a reflection of the growing number of individuals welcoming cryptocurrencies
The investment firm has said it was “encouraged” by other companies working on improving people’s knowledge of sustainable energy in BTC mining, (and would monitor its own developments regarding mining in the cryptocurrency space). However, the firm does not mention any sustainability focus when talking about its new private trust.
During a time of uncertainty amid cryptocurrencies (and especially the regulatory framework behind them), there has been a growing institutional interest in crypto. Many large asset managers have been making noticeable moves with digital currencies integrating BTC and cryptocurrencies into their services.
Financial services organisations Fidelity Inc allowed users to hold BTC and The Charles Schwab Foundation recently launched an equity ETF.
In April, BlackRock launched its first exchange-traded fund (EFT), making the much sought-after move before digital currency asset manager Grayscale Investments, who sued the SEC after being denied the authority to obtain the legal regulatory rights.
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