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Blackrock doubles down on crypto with new digital asset fund

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Blackrock doubles down on crypto with new digital asset fund

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  • A new fund for cryptocurrencies is in the making for investment management firm – Blackrock
  • The firm has already pooled in $100 million USDC, issued on the Ethereum blockchain, for the purpose of the tokenized fund

Investment management giant – Blackrock has taken a new step in its crypto venture. According to a new U.S Securities and Exchanges Commission (SEC) filing, the American firm is looking to introduce a digital asset fund.

The fund will be launched in cooperation with Securitize, a digital securities issuance platform. Incorporated in British Virgin Islands, the fund has already pooled $100 million in USDC – the second largest stablecoin, which is issued on Ethereum blockchain. Additionally, the fund will require investors to pour in a minimum of $100,000.

Blackrock bringing crypto to investors doors

This would be the company’s third prominent move in bringing crypto to its institutional clients. Notably, Blackrock was the company that re-ignited the crypto markets expectation of having an approved spot Bitcoin ETF last year.

The move was very quickly mirrored by other prominent companies such as Bitwise and Galaxy Digital. With mounting applications coming through its door, the SEC finally approved multiple spot Bitcoin ETFs at once on January 10, 2024. While the approval did not immediately have a massive impact on Bitcoin or even the crypto market as a whole, the market has registered gains over the past two months.

BTC even registered a new all-time high, with the coin soaring to $73,738.00 last week. However, this week has registered its price move in a downward trajectory. According to CoinMarketCap, at press time, BTC was trading at $64,177 with a market cap of over $1 trillion. The coin has registered a downfall of over 6% over the past 24-hours, while its trading volume remained at over $32 billion. Notably, a similar price correction was seen with the rest of the crypto market as well.

More products for the institutional investors

While the crypto market is busy making up and down price movements, American financial giants are busy bringing new products for its clientele. Aside from Bitcoin, Blackrock has already taken the measures required to bring in a spot Ethereum ETF for its clients. Fidelity – an American multinational financial services company – also made a similar move but has taken an additional step by bringing in staking into the picture. The firm will allow traders to stake a portion of their ETH, thereby allowing investors to make the most of their crypto investment.

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Priya is a freelance cryptocurrency writer at AMBCrypto. A student in business administration, Priya focuses on the latest developments in the cryptocurrency and blockchain technology space.
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