According to a report by The Block, BlackRock’s Bitcoin product will be measured using CF Benchmark indicators.
- CF Benchmarks is a member of the Encryption Facilities Group, which is part of Payward Group. Payward owns and operates Kraken, one of the oldest and largest crypto exchanges.
- CEO Sui Chung said organizations are showing increased interest in cryptocurrencies, 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 collect bitcoin and ether in the same bucket and are more aware of the fundamentals of assets.”
- Chung said the company’s agreement with BlackRock has been in preparation since 2021. “They will not launch a product unless there is demand.”
- Blackrock partnered with Coinbase to launch its Bitcoin institutional fund last month. It allows investors to trade and maintain Bitcoin on Blackrock platform, with the help of Coinbase Prime.
Anthony Scarmucci of SkyBridge predicted that Blackrock’s product would create the shock of requesting Bitcoin.