BlackRock Taps Kraken Subsidiary for Bitcoin Price Indexing

BlackRock – the world’s largest asset manager – has partnered with Kraken’s subsidiary CF Benchmarks to assist with its newly established Bitcoin Trust. 

• According to a report from The Block, BlackRock’s Bitcoin product will be benchmarked using CF Benchmark’s indexes.
• CF Benchmarks is a member of the Crypto Facilities Group, of which is part of the Payward Group. Payward owns and operates Kraken, one of the oldest and largest crypto exchanges.
• CEO Sui Chung said that institutions are increasingly showing interest in crypto, despite the current bear market.

• “The understanding of digital assets themselves is much greater than it was, people we talk to now understand the difference between bitcoin and ether,” Chung said. “People no longer lump bitcoin and ether into the same bucket and are more aware of the fundamentals of the assets.”

• Chung said the firm’s agreement with BlackRock has been in the works since 2021. “They wouldn’t launch a product unless there was demand,” he added.
• Blackrock partnered with Coinbase to launch its institutional grade Bitcoin trust last month. It allows investors to trade and custody Bitcoin on Blackrock’s platform, with help from Coinbase Prime.
• Anthony Scarmucci of SkyBridge predicted that Blackrock’s product will create a Bitcoin demand shock.

The post BlackRock Taps Kraken Subsidiary for Bitcoin Price Indexing appeared first on CryptoPotato.