BlackRock Explores Cryptocurrencies, Blockchain

Asset-management giant BlackRock has set up a working group to look into the ways to take advantage of cryptocurrencies and their underlying technology blockchain, London’s Financial News reported.

The company is perhaps also exploring the possibilities of taking an active role in Bitcoin futures.

BlackRock CEO Larry Fink, who earlier called bitcoin an index of money laundering, in an interview with Reuters said, “We are a big student of blockchain.”

While talking to Blommberg TV, Fink said that the company is excited about blockchain technology and that it is studying how cryptocurrencies are performing, but no clients have yet sought to buy one.

Bitcoin, the largest cryptocurrency by market value, gained following the news.

According to Coinmarketcap, bitcoin was trading at $6,717.71 as of ET, up 3.24 percent over 24-hour trading, with a market cap of $115 billion. Other major digital coins Ethereum, Ripple and Litecoin are all trading higher.

The market is seeing more and more involvement from institutional investors into cryptocurrencies.

Hedge-fund billionaire Steve Cohen’s venture arm Cohen Private Ventures recently invested in investment fund Autonomous Partners, which is focusing on cryptocurrencies and blockchain-based companies.

by RTTNews Staff Writer

Source: Read Full Article