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Market News BlackRock launches spot bitcoin private trust for U.S. clients

BlackRock launches spot bitcoin private trust for U.S. clients

According to a blog post on its website, BlackRock Inc., the largest asset manager in the world, has introduced a spot bitcoin private trust for institutional customers in the United States.

Cory Russell
2022-08-12
437

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According to a blog post on its website, BlackRock Inc., the largest asset manager in the world, has introduced a spot bitcoin private trust for institutional customers in the United States.


According to BlackRock, the trust will monitor bitcoin's performance and provide direct exposure to its price.


The market for digital assets has seen a sharp decline, but the business said that certain institutional customers are still very interested in learning how to acquire these assets quickly and affordably.


The action was taken a week after cryptocurrency exchange Coinbase Global Inc announced a partnership with BlackRock to provide custody and trading services for cryptocurrencies to its institutional customers.


The most recent events demonstrate how conventional organizations, including as pension funds, hedge funds, and banks, have recently increased their investment in crypto assets, betting that the alternative asset class would continue to grow.


In the midst of global unrest, inflation, and concerns about an oncoming recession, investors left riskier assets, which has hurt the cryptocurrency industry.

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