Blackrock is preparing to launch a product traded by a bitcoin exchange in Europe due to growing demand for cryptocurrencies for currency managers and consumers, a source familiar with the matter told Reuters.
The source added that the product may live in Switzerland. The Wall Street giant has set up a Zurich-based company that focuses on digital assets – Ishares Digital Assets AG, according to regulatory filings seen by Reuters.
BlackRock declined to comment.
Blackrock was one of the first institutional investors to offer exchange-traded products to track the spot price of Bitcoin after the SEC first approved them in January 2024.
The SEC’s move is a watershed in the asset class, raising hopes in the cryptocurrency industry that cryptocurrencies will become more widely integrated into mainstream finance.
According to BlackRock’s website, BlackRock’s main Bitcoin-related product, IBIT, grew rapidly, with a net worth of US$57.5 billion (approximately Rs 503,523 crore) as of February 4. However, not all global investors have access to existing U.S. comprehensive products.
Bloomberg was the first to report on BlackRock’s plans in Europe.
While the U.S. cryptocurrency industry celebrates Trump’s election and commitment to support the industry, Europe’s cryptocurrency business faces stricter regulations.
The EU’s landmark crypto regulatory framework, known as the Crypto Asset Management Regulation (MICA), was introduced in early 2023 and is being launched.
©Tech Word News
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