BlackRock has received approval from the UK's financial regulator, the FCA, to offer Bitcoin-related products in Europe, continuing its expansion in the crypto market.
Approval from FCA
The UK's Financial Conduct Authority (FCA) has approved BlackRock's proposal to offer Bitcoin-related products on the European market. This positions BlackRock among the newly registered companies with the FCA, including well-known firms such as Coinbase, Revolut, and PayPal. However, it is reported that the FCA has approved only 14% of applications for crypto-related offerings due to customer protection and compliance concerns.
BlackRock's Growing Interest in Crypto
BlackRock's interest in cryptocurrencies has significantly increased over recent quarters. Following the launch of its spot Bitcoin ETF under the ticker IBIT, the company continues to strengthen its position in the crypto market. This contradicts some experts' expectations of a bleak future for cryptocurrencies following the entry of major players like BlackRock.
State of the Bitcoin ETF Market
As of publication, the total volume of Bitcoin spot ETFs is $2.20 billion, with a market capitalization of $97.82 billion. BlackRock's iShares Bitcoin product leads in trading volume. Competition intensifies as Grayscale has lost its leadership in these metrics.
BlackRock continues to solidify its presence in the cryptocurrency market with the FCA's approval for Bitcoin-related products, potentially attracting new investors and bolstering trust in the crypto market in the region.
