Blockchain.com, the startup that last week raised a new funding round valuing the company at $14 billion, has launched an asset management brand.
The service, called BCAM, will target institutional investors, family offices and high net worth individuals. It was created in partnership with Altis Partners, an investment company that manages portfolios of futures contracts. While Blockchain.com powers BCAM, Altis provides investment management.
BCAM launches with a strategy that follows the price of Bitcoin against the dollar. Another strategy it deploys focuses on reducing the volatility that accompanies investing in Bitcoin by providing “algorithm-based risk management exposure” to the currency.
It is also preparing a product that manages exposure to decentralized finance coins, tied to apps that allow people to trade, borrow and lend without intermediaries, said Charlie McGarraugh, chief strategy officer of the company. company, in an interview.
Blockchain.com is doubling down on its institutional business with the launch of the new service, McGarraugh said.
“Like everything in crypto, you won’t know until you try,” he said. “But like everything in crypto, we think we are growing in the clear blue sky. It’s a great opportunity.
Following its purchase of Altonomy’s OTC trading and execution business in March, Blockchain.com has thousands of institutional clients, approximately $8 billion in loans and $15 billion in trading volume lifetime tied to institutions, McGarraugh said.
Last week, Blockchain.com raised a funding round that catapulted it into the ranks of crypto’s most valuable companies. It was led by Lightspeed Venture Partners with major participation from Baillie Gifford & Co.
Blockchain.com, which was founded in 2011 and is led by CEO Peter Smith, has 37 million verified users with 82 million wallets created and over $1 trillion in transactions, according to its website.
Reporting by Olga Kharif for Bloomberg News.