BlackRock Inc. studying technology underlying cryptocurrencies, Bitcoin soars

Jul 16, 2018, 11:30 am

Sayantoni B.

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BlackRock Inc., the world’s largest asset manager, shows interest in the technology that acts as the foundation behind digital coins, and Bitcoin rises by the largest mark in two weeks.

The greatest cryptocurrency increased 5.5 percent reaching $6,525 as of 6:51 a.m., New York time, Bloomberg reports. Meanwhile, Litecoin, Ripple, Ethereum – the rival coins showed a rise of at least 5 percent. But what’s noteworthy is that Bitcoin hasn’t headed for a one-day gain of more than 2 percent since July 2.

According to reports by London’s Financial News, a team formed by BlackRock has been entrusted with the job of finding out ways to take advantage of the cryptocurrency market and blockchain. The report informed that the company was studying to decide whether or not it would take on an active role in the Bitcoin futures market. But a BlackRock spokesman refused to comment on this. A statement made by the firm said that it was chiefly focusing on the blockchain, the technology behind all digital currencies.

Last week, it was said, Steven A. Cohen, the American billionaire investor, has invested in a hedge fund that will study cryptos and blockchain companies. On the other hand, in Zurich, the owner of Switzerland’s securities exchange has said that this will enable the creation of a platform for the trade of digital assets.

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