Global asset manager BlackRock is looking to roll out cryptocurrency trading services for clients, Crypto Briefing reported.

  • Sources close to the matter said the offering will initially be offered to institutional clients, who will also be given the capability to make loans with cryptocurrencies as collateral.
  • BlackRock will likely provide the service on its asset, liability, debt, and derivative investment network or Aladdin, with the firm looking for providers in the space and a target to get hands-on in the industry.
  • Some 20 employees of the firm are now exploring cryptocurrencies and reportedly looking into flows that the majority of the market is into, as it seeks to generate profits from the industry.
  • BlackRock Chief Executive Larry Fink earlier expressed his fascination with Bitcoin but cited institutional clients’ lack of demand for digital tokens. Chief Investment Officer Rick Rieder in 2020 said Bitcoin is more functional than gold.

The sources did not provide any timeline for the offering, and BlackRock has yet to confirm such reports. BLK is up 0.16% premarket, BTC up 1.09%, ETH up 1.64%, and XRP down 1.03%.