New York-based multinational investment management corporation BlackRock has announced the launch of its cryptocurrency-focused exchange-traded fund (ETF) called iShares. Like most ETFs, the product will grant customers access to the cryptocurrency market without holding real crypto assets.
BlackRock is revered as the world’s largest asset manager, with an asset under management (AUM) of a jaw-dropping $10 trillion.
The latest move by the multinational company comes as BlackRock turns its focus on cryptocurrency, tech companies, and blockchain technology. The investment firm wants to bring wealthy corporate entities into crypto in a manner that isolates them from the risks present in the industry.
The New York-based investment behemoth applied with the US Securities and Exchange Commission (SEC) for Tech ETF (IBLC) in January 2021, which aimed at tracking the investment results of an index made up of US and non-US companies involved in the development, innovation, and utilization of blockchain and crypto technologies.
At the time, the company noted via the iShares website:
“Blockchain tech is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers.”
The website also featured a detailed study highlighting the growing demand for a “decentralized digital ecosystem” after the COVID-19-induced global lockdown.
The recent development highlights a growing trend of crypto integration with traditional financial systems. Earlier this week, Fidelity Investments announced that it plans on allowing its clients to add Bitcoin to the 401(k) retirement account.
BlackRock Laments Entering Cryptocurrency Space Late
BlackRock previously lamented not investing earlier in the cryptocurrency market. It recently declared to raise funds for USDC (USD Coin), which it believes to be the center of the crypto and DeFi ecosystems. USDC currently holds the number five spot in the top cryptocurrency rankings with a valuation of almost $50 billion.
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