Blockchain.com, a cryptocurrency exchange and financial services company, has reportedly launched an asset management service for its wealthy clients.
Known as BCAM, the service will cater to institutions, family offices and the wealthy, according to Bloomberg. 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 on which BCAM runs.
The new service, which has yet to be officially announced by either Blockchain.com or Altis Partners, is based on a strategy that tracks the price of bitcoin against the US dollar. According to the report, he is also developing a new approach for investors called “algorithm-based risk management,” which aims to reduce the volatility of bitcoin investments.
During an interview, Charlie McGarro, the company’s chief strategy officer, is reported to have said that the firm is also developing a product that manages access to decentralized finance coins related to applications that allow people to trade, borrow and lend without an intermediary. The launch of the new service is a signal that Blockchain.com continues to double its institutional business, McGarro said.
Cointelegraph reached out to Blockchain.com for comment but received no response as of press time. This article will be updated if and when more information is received.
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.
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Blockchain.com was launched in 2011 and is now one of the world’s largest cryptocurrency companies providing a wide range of blockchain-based financial services, including its exchange platform and cryptocurrency wallets, as well as specialized institutional products. According to the website, it has 37 million verified users and a total transaction value of over $1 trillion.