Written by 3:51 pm Crypto News, Technology

BlackRock launches Spot Bitcoin Private Trust for institutional clients


BlackRock, one of the largest asset management firms, has launched Spot Bitcoin Private Trust for institutional clients in the US. It will track bitcoin’s performance and provide clients with the option to invest in it. The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, has declined for the last few months. It touched a high of about $69,000 in November last year.

“Despite the huge decline in the cryptocurrency market, institutional clients are very interested in this segment,” the Reuters report quoted BlackRock as saying. Coinbase Prime, the exchange’s trading platform for crypto assets, will facilitate crypto trading, custody and reporting to institutional clients on BlackRock’s platform.

The decline in the crypto market has had a major impact on Coinbase. Its stock has fallen more than 60 percent this year.

Coinbase recently expanded the scope of the coin holding portfolio for users. The exchange has introduced staking benefits for Solana, which will reward SOL investors. These rewards will be given for holding and holding SOL coins in the exchange’s network. The current estimated return of staking on Coinbase for Solana is about 3.85 percent annual percentage yield (APY). The rewards will be given every three to four days.

The process of staking involves validating deposits and transactions to crypto assets to support a blockchain network. Blockchains that support proof-of-stake (PoS) mining allow staking. Staking gives cryptocurrency holders an opportunity to increase returns. Solana is a PoS blockchain. It gives SOL holders a chance to hold their assets and earn returns. Coinbase had said, “Users can stake Solana on their own or through the staking service, but this process is difficult. An easy and secure way for users to join the Solana network and receive rewards has been provided by the exchange.”