The new service is reportedly named BCAM and will serve institutions, family offices and high-net-worth individuals.
Blockchain.com, a cryptocurrency exchange and financial services firm, has reportedly launched an asset-management service for its wealthy customers.
According to Bloomberg, the service is known as BCAM and will serve institutions, family offices and high-net-worth individuals. 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 either Blockchain.com or Altis Partners, is based on a strategy that tracks the price of Bitcoin (BTC) versus the U.S. dollar. It’s also developing a new approach for investors, called “algorithm-based risk-managed exposure,” which aims to reduce the volatility of Bitcoin investment, as per the report.
During an interview, Charlie McGarraugh, the company’s chief strategy officer, reportedly said the firm is also developing a product that manages exposure to decentralized-finance coins linked to apps that let people trade, borrow and lend without an intermediary. The launch of the new service, McGarraugh said, is a signal 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 as of press time. This article will be updated if and when more information is obtained.
BCAM’s debut comes just days after Blockchain.com raised fresh financing, raising its valuation from $5.2 billion to $14 billion. The round was led by Lightspeed Venture Partners, with Baillie Gifford & Co. and other investors participating.
Blockchain.com was launched in 2011 and is now one of the world’s largest cryptocurrency firms, providing a comprehensive range of blockchain-based financial services, including its exchange platform and crypto wallets as well as specialized institutional products. It has 37 million verified users and more than $1 trillion in total transaction value, as per its website.