Crypto startup Blockchain.com launches Asset Management platform
Blockchain.com has unveiled a new asset management service which aims to bring crypto products to professional investors.
Crypto exchange Blockchain.com, which was valued at $14bn (£10.7bn) following a fundraising round last week, will jointly run the venture with Altis Partners, a firm which manages futures portfolios. The Blockchain.com Asset Management (BCAM) fund will be managed by Altis Partners, while Blockchain.com plans to provide the crypto trading infrastructure.
“BCAM combines the very best of old world financial markets with the new world of crypto,” said Charles McGarraugh, the chief investment officer at Altis Partners.
“The advent of distributed ledger technologies and crypto assets has the potential to change the structure of financial services and global capital markets while presenting new opportunities for investors,” McGarraugh added.
Blockchain.com, which claims to have 37m verified users and has processed over $1 trillion in crypto transactions, is doubling down on its institutional business McGarraugh told Bloomberg.
The platform is launching with a strategy which tracks Bitcoin’s price against the dollar, according to Altier Partners’ website. A product that manages exposure to decentralized finance focussed crypto assets is also in the works according to Bloomberg.
News of the bumper funding round and product launch come as Blockchain.com faces uncertainty over its regulatory status in the UK. The company is one of 12 firms on the Financial Conduct Authority’s temporary register for digital assets which was due to expire last week before the regulator granted a last minute extension.
It is understood that a number of firms on the register will seek regulation offshore in order to continue operations in the UK.