Following Bitcoin’s praise, BlackRock is hiring a vice president to advance its blockchain and digital assets activities. The asset manager is no longer skeptical.
BlackRock Financial Management is a pillar of asset management with $ 7.8 trillion in management. However, the company remains primarily a player in traditional finance. It could become an integral part of the digital asset market tomorrow too.
The group posted a remarkable job advertisement. BlackRock is indeed looking for a new Vice President for its New York office. The role of this future employee: manage blockchain activities.
BlackRock competes with crypto funds
The VP « Blockchain Lead » will have a clear roadmap. It will « develop and implement strategies to stimulate demand for the company’s offerings and improve customer value from technology investments and offerings ». « »
However, the candidate’s technological skills will not be his only and first asset. The offer stipulates that he must have at least one year of experience in the various technical aspects of the blockchain.
The future vice president of BlackRock needs to know how to articulate « the technological foundations » of the blockchain. This includes cryptographic hash functions, distributed network consensus mechanisms and cryptography with public-private keys. Among other things, skills.
Is BlackRock planning to develop its own blockchain solutions like JPMorgan? The job advertisement does not indicate. The main goal of the manager could be to acquire expertise in the management of crypto assets for institutions.
Bitcoin attracts attention and imagination
These customers’ demand for such investments is growing. Skybridge Capital has invested $ 183 million in Bitcoin for its funds. The company is committed to a change in capital allocation for hedge funds, RIAs and insurance funds.
For BlackRock it would therefore be a question of adapting to investor demand, even in a defensive strategy. In early 2020, Forbes reported a lack of investor interest in BlackRock’s long-term products. They preferred crypto funds like Grayscale.
The skepticism of the financial giant towards Bitcoin and cryptoassets is no longer relevant. Bitcoin has « caught the attention and imagination of many people », including within BlackRock. This is what his CEO Larry Fink recently said
“Do I think Bitcoin is a sustainable system that could largely replace gold? Yeah, I think so, because it’s way more functional than trading physical gold, « replied another leader. This is Rick Rieder, Blackrock’s chief investment officer.