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Another pro-crypto news from Blackrock. This time it is for Europe markets

Blackrock
TL;DR Breakdown
  • Blackrock releases new crypto product for European traders
  • The ETF will combine about 35 companies
  • The company wants its users exposed to blockchain

Blackrock has launched its first-ever blockchain ETF to service European traders in the crypto market. This recent update has buttressed how massively the digital assets and the blockchain sector have grown. It has also shown how demand can be a driving tool for this growth in the coming years. With this new update, clients in the European continent will be able to gather exposure to companies involved in blockchain technology.

The ETF will combine about 35 companies

The Blackrock ETF will be available across most markets, which will use the ticker name BLKC. The ETF consists of more than 35 companies worldwide involved in the technology. While a considerable part of these companies is ideally vital in the markets, a smaller part is those that help offset payments in the crypto sector.

This update means that Blackrock wants to expose its investors to innovations in the sector while helping blockchain build a better future. However, traders must note that the BLKC will not deal directly with digital assets. Companies have tapped blockchain to create several payment solutions. This results from the about $1 trillion the market boasts of in capitalization.

Blackrock to give its customers exposure to blockchain

The digital asset market has also seen a remarkable turnaround in the last 10 years, with assets turning over as much as five times their usual price in the last few years. This results from the daily transaction volumes now around $53 billion in August from a small figure of $10 billion in December 2017. In a review by one of the executives at Blackrock, he believes that the ETF will help investors and traders with the company achieve their aims with the several use cases of blockchain technology. He bolstered technology usage as a context to show how important it is and will continue to be in the coming future.

This is evidenced by its usage across industries unrelated to the financial sector. He mentioned that the ETF would help their customers get involved with top companies pushing for the development and expansion of the blockchain sector. This is not the first product type that Blackrock will launch, as it has given clients in the United States a taste of this kind of ETF. The company presently holds more than $10 trillion in assets under management.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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