Tuesday, November 29, 2022

BlackRock Launched First Crypto ETF With Coinbase Allocation

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BlackRock launched the first crypto ETF with a Coinbase allocation, giving its clients more exposure to crypto and blockchain companies so let’s read more today in our cryptocurrency news.

BlackRock is the world’s biggest asset manager and it launched a tech ETF, giving the investors more exposure to crypto companies. BlackRock as the world’s biggest asset manager listed the iShares exchange-traded fund to allow investors to gain exposure to the blockchain and crypto market without directly investing in crypto. The application for the iShares Blockchain and Tech ETF was filed to the SEC back in January and seeks to track the investment results of the index composed of the US and non-US companies which are involved in the development, utilization, and innovation of blockchain and crypto technologies.

The ETF is a popular investment product that allows people to buy shares and represent an asset like real estate, foreign currencies, or even BTC. The ETF will not directly track crypto but rather US and international companies involved in the space like exchanges and most of the new fund 11.45% will be allocated to Coinbase as the biggest crypto exchange in the US and one of the biggest in the world. Blackrock launched the first crypto ETF and other companies that the ETF will track include BTC miners Marathon Digital Holdings and Riot as well as payments giant Paypal. The company says on the iShares webpage:

“Blockchain tech is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers.”

First BTC And ETH ETFs , debut, australia, 21shares

The ETF comes after brokerage company Fidelity launched two ETFs and track the crypto industry and the metaverse an immersive form of the internet that many big firms are betting on. BlackRock which manages a little under $10 trillion worth of assets showed interest in the crypto space for some time with the CEO last year admitting that the company was studying BTC. The company announced that it will become the main asset manager of USDC cash reserves as the fiat currency backing in the Circle-Issued USDC stablecoin.

As recently reported, Blackrock is a huge asset management firm while Circle issues the USDC stablecoin so now Blackrock will handle as a strategic partner in Circle. The crypto payments company Circle announced a new $400 million round by asset management company BlackRock with more investmetns from Fidelity Management and Research, Fin Capital, and Marshall Wace LLP.

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