Blockchain.com, a cryptocurrency exchange and financial services company, has reportedly launched an asset management service for its wealthy clients.
According to Bloomberg, the service is known as BCAM and will provide services to institutions, family offices and people with high purchasing power. BCAM was founded in collaboration with Altis Partners, a futures portfolio manager that also manages investment portfolios using blockchain technology. Blockchain.com is the underlying platform that powers BCAM.
The new service, which has yet to be officially announced by Blockchain.com or Altis Partners, is based on a strategy that tracks the price of Bitcoin against the US dollar. It is also developing a new approach for investors, called “algorithm-based risk-managed exposure,” which aims to reduce the volatility of investing in Bitcoin, according to the report.
During an interview, Charlie McGarraugh, the firm’s chief strategy officer, said the firm is also developing a product that manages exposure to decentralized finance currencies tied to apps that allow people to trade, borrow and lend without a middleman. The launch of the new service, McGarraugh said, is a sign that Blockchain.com continues to double down on its institutional business.
Cointelegraph reached out to Blockchain.com for comment but did not receive a response at press time. This article will be updated as more information becomes available.
BCAM’s debut comes just days after Blockchain.com raised new funding, raising its valuation from $5.2 billion to $14 billion.. The round was led by Lightspeed Venture Partners, with participation from Baillie Gifford & Co. and other investors.
Blockchain.com was launched in 2011 and is now one of the largest cryptocurrency firms in the world, offering a wide range of blockchain-based financial services, including its crypto exchange and wallet platform, as well as specialized institutional products. It has 37 million verified users and more than $1 trillion in total transaction value, according to its website.
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