Massive Restructuring Of BlackRock Leads To New Members On Digital Assets Team
BlackRock has been one of the many companies that are progressively but quietly examining the digital asset industry. With $6 trillion in assets already in its management, the company has officially chosen to create a digital asset team, according to reports from Abacus Journal. In their progress, they have been involving in the publication of multiple crypto asset whitepapers, and have been acting as advisors to Coinbase, among other exchanges, for over a year.
Forbes reported that there have been multiple changes to the BlackRock crypto assets, including a major change in management. Even though the company has yet to go into detail about any intentions they have to personally get into the crypto market, they made the bold decision to hire Robbie Mitchnick to the team, who formerly worked as the product marketer for Ripple. Mitchnick will be a part of the Digital Wealth team, helping with the building of institutional portfolios.
These actions by BlackRock are some of the first public steps to indicate the interest of the asset management firm in their work with Bitcoin and other assets. Presently, Abacus Journal says that BlackRock has been particularly interested in the way that Bakkt has been preparing for their launch and the potential operations upon going live.
After the launch of Bakkt, the platform is planning to have a Series B funding round, and BlackRock appears to be interested in being involved with the round. BlackRock is known for steering clear of founding or Series A rounds, but the later rounds have enticed them because of the “proof of concept” that these businesses have by that point.
No matter what the intentions are that BlackRock has with the crypto industry and digital assets themselves, the fact alone that they are getting involved at some level only means progress for institutional investors. The only way to see how the firm gets involved will be to wait and see at this point.