Asset managing giant BlackRock is rumored to be considering moves into cryptocurrency, writes Cryptoglobe.

Citing a report in the Financial News, the company, which is the world’s largest asset manager with assets under management of over USD 6.3 trillion as of November 2017, is said to be putting together a team of experts in the field to investigate blockchain and cryptocurrencies.

If the reports are correct, then this would represent a huge turnaround since cryptocurrencies where disparagingly rejected by the company just earlier this year. The following comment was made by BlackRock in February:

“We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now, we believe they should only be considered by those who can stomach potentially complete losses.”

Although the comment could imply that it saw at that point that potential wasn’t readily available in view of the crypto markets’ immaturity, it is undeniable that after CEO Larry Fink’s comments that Bitcoin was simply “an index of money laundering” that the company had little respect for the nascent industry earlier this year.

Although at this stage it’s unclear what exactly has changed at executive level, the company has made announcements which point to a significant change in attitude towards the industry. To quote the London-based Financial News, BlackRock “has created a team from different parts of the business to investigate cryptocurrencies and their underlying infrastructure, blockchain”.

The report also suggests that the working group will consider if the company should invest in Bitcoin futures and plans to examine what its competitors are also doing in the crypto business as regards the impact that this may have on BlackRock itself.

BlackRock is a hugely successful company and any move into the cryptocurrency arena is sure to have ramifications. The Financial Times reported that the company increased its new business revenue by 76% in 2017 with expectations the company’s global assets could double by 2022. The company currently employs 13,000 in 30 countries.

 

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