Blockchain.com Intros Asset Management Service

Blockchain.comis launching an asset management service that will cater to institutional investors and is also developing a product to manage exposure to decentralized finance (DeFi) coins, Bloomberg reported on Wednesday (April 6).

The DeFi product will be connected to apps that facilitate trading, borrowing and lending without intermediaries, Blockchain.com Chief Strategy Officer Charlie McGarraugh told the news outlet.

The new asset management service, called BCAM, will enable the company to double down on institutional investors. BCAM will also cater to family offices and people with a high net worth.

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BCAM was developed with investment firm Altis Partners and tracks the price of Bitcoin against the dollar. It also offers an algorithm-based risk-managed exposure tool to lower the volatility that Bitcoin investing.

Like everything in crypto you wont know until you try, McGarraugh said. But like with everything in crypto, we think we are growing into the clear blue sky. Its a big opportunity.

Last week, Blockchain.com was valued at $14 billion following a Series D funding round led by Lightspeed Venture Partners with major participation from Baillie Gifford & Co. The companys previous funding was in March 2021 of $300 million. Before its Series D round, which didnt reveal a dollar amount, the company raised $490 million in total capital.

Blockchain.com bought Altonomys crypto OTC desk last month, a deal valued at $250 million in cash and stock. The deal gave Blockchain.com a large bucket of institutional clients, $8 billion in loan originations and $15 billion in lifetime trading volume related to institutions, McGarraugh told Bloomberg.

Founded in 2011 byBenjamin Reeves, PresidentNicolas Caryand CEOPeter Smith, Blockchain.com has 37 million verified users with 82 million wallets. It has transacted over $1 trillion, according to its website.

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