A specialist trader works in position as BlackRock trades on the floor of the New York Stock Exchange (NYSE) in New York City, US, July 21, 2022. REUTERS/Brendan McDermid/File Photo
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Aug 11 (Reuters) – BlackRock Inc. (BLK.N)the world’s largest asset manager, has launched a private bitcoin fund for institutional clients in the United States, according to a blog post on its website.
BlackRock said that the trust will track the performance of Bitcoin, offering direct exposure to the price of the digital currency.
“Despite the severe downturn in the digital asset market, we continue to see strong interest from some institutional clients in how to efficiently and cost-effectively access these assets,” the company said. He said.
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The move comes a week after crypto exchange Coinbase Global Inc (COIN.O) It said it has partnered with BlackRock to provide its institutional clients with access to cryptocurrency trading and custody services. Read more
Recent developments underscore how traditional institutions including pension funds, hedge funds and banks have been putting pressure on crypto assets of late, and betting on an alternative asset class is here to stay.
Even with the cryptocurrency sector being hit hard by the slump in asset prices as investors fled risky assets amid geopolitical turmoil, inflation and fears of an impending recession.
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(covering by Noor Zainab Hussain from Bengaluru)
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