Blackrock is stepping into the world of cryptocurrency. It is lately revealed to be offering crypto trading soon. Clients can access crypto trading through its Aladdin (Asset, Liability, Debt and Derivative Investment Network) investment platform.
BlackRock is one of the largest asset managers in the world with $10 trillion assets under management. It is based in New York City and was founded in 1988. It has a global presence with seventy offices in about 30 countries. It has clients across 100 countries.
One of the sources having knowledge about the plans said it may step into the crypto space with client support trading initially and thereafter with its own credit facility. This means the clients can borrow from it by pledging cryptocurrency assets as collateral.
It is learned BlackRock may allow clients including endowments, sovereign wealth funds and public pension schemes to trade the crypto assets through its integrated investment management platform Aladdin. However, it is not yet learned about the timetable of the plan. An official press release is awaited.
BlackRock may have been planning to enter the crypto sphere in June 2021. It has frequently sent some positive signals including CME bitcoin futures mentioned in its filing with the US Securities and Exchange Commission. It is further learned from sources BlackRock may soon launch iShares Blockchain and Tech ETF composed of crypto technologies. It is a significant gesture that the company owns 16.3 percent of MicroStrategy.
A source revealed the company was looking to looking at crypto providers. Moreover, it has several dedicated working groups to evaluate crypto.
Founded by Robert S. Kapito, Larry Fink, Hugh Frater, Keith Anderson, Ralph Schlosstein, Ben Golub and Barbara Novick and Susan Wagner in 1988, the American multinational investment management corporation provides institutional clients some asset management services. It went public in 1999 by getting listed on the New York Stock Exchange. The assets under management by the end of 1999 were $165 billion.
Fortune 500 listed the company at 192nd position in 2021 as the largest United States corporation by revenue. The revenue in 2005 was $1,191 million while net income was $234 million. A year later the revenue increased to $2,098 million and net income jumped to $323 million. Similarly, the employee strength increased from 2,151 to 5,113 in the two years.
The revenue in 2020 was $16,205 million while net income was $4,932 million. The employee strength was 16,500.
Over the years, the company merged or acquired several companies including Merrill Lynch Investment Management, Barclays Global Investor, Helix Financial Group LLC, FutureAdvisor, Cachematrix, Tennenbaum Capital Partners, Asset Management Business of Citibanamex and eFront Alternative Investment Solutions.