BlackRock Financial Services Inc., a $7.8 trillion fund manager, is expected to broaden its reach in blockchain and digital assets.
According to a new job position, the organisation is hiring for the position of vice president, leading blockchain to its New York office. The person hired for this role will be responsible for the development and execution of “strategies designed to drive demand for the firm’s offerings,” as well as “enhance the value proposition […] of the firm’s investments and technology offerings.”
The candidate must have at least one year of experience in blockchain business, including “cryptographic hash functions, distributed network consensus mechanisms, and public-private key cryptography.”
Although the job post does not mention any blockchain related products under development at the company, it is likely that BlackRock is positioning itself to meet the increasing institutional demand for digital assets.
As Forbes noted earlier this year, there is evidence to indicate that investors are leaving BlackRock’s long-term investment products for crypto funds provided by Grayscale and others. This is part of a larger systemic pivot towards Bitcoin and other digital assets that are currently underway.
After their initial scepticism, BlackRock’s most senior executives favourably reflected on Bitcoin and the broader digital asset market. Larry Fink, CEO of the group, says Bitcoin has “grabbed the attention and imagination of many people,” including those who work at BlackRock.
Rick Rieder, BlackRock’s fixed-income CIO, says Bitcoin isn’t only here to remain, but that it would “take the place of gold to a large extent.”
BlackRock is indirectly exposed to Bitcoin through MicroStrategy, a market intelligence company that now owns 70,470 BTCs after a series of purchases this year.
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