Six months after its chief executive declared that “bitcoin is synonymous with money laundering,” Black Rock, one of the world's largest investment firms, has created a task force to explore ways to profit from the growing digital ecosystem.
According to Financial News, the company, which manages $6.3 trillion in assets, is discussing the possibility of investing in Bitcoin futures and is also exploring other uses of digital currencies. The working group also analyzes competitors' investments in the cryptocurrency industry.
According to CCN, many open-end funds (ETFs) have tried to create the first Bitcoin ETF, but have so far been unsuccessful. Other asset managers, like Goldman Sachs, are creating marketplaces to give their clients access to the new asset class.
A Black Rock spokesman said that “our firm has been studying blockchain technology for several years.”
Working Group will report directly to the company's senior management, and therefore Black Rock CEO Larry Fink. Just six months ago, Fink called Bitcoin “synonymous with money laundering” but supported the development of blockchain technology. He said “blockchain will fundamentally change the way business is done.”
Last October, he made similar claims, saying that the Bitcoin frenzy “clearly demonstrates how high the demand for money laundering is in the world.” However, in a brief interview with Reuters, Fink confirmed information about the creation of a working group to study cryptocurrencies. “We've been looking at blockchain for a long time,” Fink said, emphasizing that “he doesn't see much potential in cryptocurrencies,” even though the company has begun experimenting with them.
According to ccn.com
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