BlackRock, the world’s largest financial asset management company, is preparing to offer its clients products for trading cryptocurrencies, CoinDesk has reported.
The company plans to enter the crypto industry adding “trading support for clients and then its own lending institution.” This means that customers will be able to borrow money from BlackRock secured by cryptocurrencies.
BlackRock, whose clients include pension, trust and government funds, intends to enable crypto trading through its investment platform Aladdin. However, it is still unknown when this will happen.
BlackRock’s plans were known in June, when the company started to look for an employee to head Aladdin’s blockchain business. BlackRock has previously began trading Bitcoin futures traded on the Chicago Mercantile Exchange (CME).
BlackRock launched in January the iShares Blockchain and Tech ETF, which tracks the shares of crypto-related companies. In addition, BlackRock holds a 16.3% stake in MicroStrategy, which is the largest public company that owns Bitcoin.