- The largest asset manager in the world will collaborate with Kraken subsidiary CF Benchmarks on its bitcoin service.
- BlackRock said it launched a private trust offering exposure to spot Bitcoin to institutional clients with U.S.-based clients last month.
- It struck an agreement with Coinbase to provide institutional investors access to cryptocurrencies.
BlackRock will collaborate with Kraken subsidiary CF Benchmarks on its Bitcoin service after establishing a collaboration with Coinbase in August, Company introduced its own Bitcoin private trust.
For its initial cryptocurrency offering, BlackRock will employ Kraken’s CF Benchmarks bitcoin index pricing tool.
According to CF Benchmark CEO Sui Chung, the indexes will serve as a benchmark for the Bitcoin product offered by the largest asset manager in the world
BlackRock said it launched a private trust offering exposure to spot bitcoin to institutional clients with U.S.-based clients after saying it struck an agreement with Coinbase to provide institutional investors access to cryptocurrencies last month.
A request for comment regarding the CF was not immediately answered by BlackRock.
In comparison to even six months ago, Chung underlined the rising interest institutions have shown in recent months.
“People we talk to now understand the distinction between Bitcoin and ether,” Chung said. “The awareness of digital assets themselves is a lot stronger than it was.” People are more knowledgeable about the underlying principles of the assets and no longer combine Bitcoin and ether into one category.
The partnership with BlackRock has been in the works since 2021, Chung added.
According to Chung, they wouldn’t introduce a product until there was interest. Because, let’s face it, it’s not a risk-free decision, companies like BlackRock don’t engage in this sort of activity as a “kite flying exercise.”
BlackRock has previously encountered Bitcoin.