According to reports on Thursday, investment management firm BlackRock, Inc. (BLK) may offer clients cryptocurrency trading services.

In the afternoon, BLK stock was down 1%.

Asset management and other financial services are provided by the New York-based company. It manages assets worth more than $10 trillion for customers.

According to reports, the company intends to enter the cryptocurrency market with a client support trading platform. Its customers would be able to borrow by putting up crypto assets as collateral.

Customers such as public pension funds and sovereign wealth funds will be able to trade in cryptocurrency through Aladdin, the company's integrated investment management platform.

Asset, Liability, Debt, and Derivative Investment Network (Aladdin) is an abbreviation for Asset, Liability, Debt, and Derivative Investment Network. Other aspects of the plan, however, remained unknown at the time.

ETF strategy by BlackRock

The company may have started looking for a leader for its Aladdin blockchain strategy in June of last year, when it began looking for a crypto plan. BlackRock is also rumoured to be planning the launch of a tech ETF that will track indexes associated with crypto-related technologies.

Bloomberg previously reported that BlackRock filed with the SEC in January to offer an ETF that would invest in companies involved in cryptocurrency technology.

In the fourth quarter of fiscal 2021, the company's revenue increased by around 14 percent year on year to $5.10 billion, while nett income was $1.64 billion, or $10.63 per diluted share. In fiscal 2021, the company earned US$19.37 billion.

Over the last year, the BLK stock has increased by 12.42 percent.

Bottomline

Several banks and financial institutions in the United States have recently expressed interest in the crypto industry. According to reports, investment banks such as Goldman Sachs, Morgan Stanley, and others are constructing crypto infrastructure.

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