Cryptocurrency and ICO news 17.07.2018

$6.3 trillion asset manager explores crypto

BlackRock, $6.3 trillion asset manager, has begun discussing whether to invest in bitcoin futures and is also exploring other ways to gain exposure to cryptocurrencies and blockchain technology.

The task force will also examine how its competitors are investing in the cryptocurrency industry and whether those ventures present a threat to BlackRock’s market share.

A BlackRock spokesperson was quoted in the report as stating that the firm has been “looking at blockchain technology for several years.”

The working group will report directly to senior management, a group that presumably includes CEO Larry Fink. Just six months ago, Mr. Fink called bitcoin an “index of money laundering” but praised blockchain technology, which he said will “transform how we do our business.”

Nevertheless, Fink confirmed in a brief interview with Reuters that BlackRock had established a working group to explore bitcoin and other cryptocurrencies. “We are a big student of blockchain,” Fink said, stressing that he doesn’t see “huge demand for cryptocurrencies” even though the firm has begun investigating them more closely.

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