BlackRock, the world's largest asset manager, has announced its selection of Anchorage Digital as its crypto custodian to manage its growing digital investment products.
BlackRock Expands Its Crypto Partnerships
BlackRock is enhancing its presence in the crypto industry by partnering with Anchorage Digital. Robert Mitchnick, Head of Digital Assets at BlackRock, stated that the increasing demand for crypto products requires trusted partners to manage investments. Anchorage Digital met the required standards after a thorough evaluation.
The Rise of Crypto ETFs
BlackRock is the issuer of the largest spot Bitcoin ETF, managing assets worth about $44 billion. The company has also begun managing an Ethereum ETF. The popularity of spot crypto ETFs, such as IBIT, is bringing billions of dollars into the crypto market, making digital assets safer for traditional investors.
Anchorage Digital Gains Momentum
Anchorage Digital is not new to partnerships with large financial firms. Last month, Cantor Fitzgerald also selected Anchorage for assistance with digital asset custody. Last October, Anchorage received a BitLicense from the New York State Department of Financial Services, allowing the company to legally offer crypto services to institutions in one of the strictest regulatory environments. Nathan McCauley, Co-founder and CEO of Anchorage Digital, highlighted that the partnership with BlackRock underscores the importance of safe and regulated infrastructure in the crypto industry.
The partnership between BlackRock and Anchorage Digital reflects the growing interest in cryptocurrencies and the need for reliable and regulated solutions for storing and managing digital assets.
