FAST FIVE: After Bashing It For Years, The World's Largest Asset Manager Is Now Offering Bitcoin To Its Top Clients

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The new private Bitcoin trust seeks to track the price of bitcoin in response to demand from large institutional clients seeking exposure to the asset even after its price plunged this year, the $10 trillion New York-based BlackRock said in a statement.

“Despite the steep downturn in the digital-asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” the company said.

which is precisely The announcement of the new Bitcoin trust is the second major move into digital assets in the past week by BlackRock, and shows how Wall Street's biggest players are deepening their involvement with money-laundering in an industry that only a few years ago was criticized for being susceptible to fraud and money-laundering.

BlackRock last week unveiled a high-profile partnership with crypto exchange Coinbase to allow institutional traders the ability oversee their Bitcoin investments alongside other portfolio assets such as stocks and bonds.

And the following month, the company joined a group of investors in Circle, the issuer of USD Coin, and said it would seek to serve as a primary manager of the stablecoin's cash reserves.

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