Blackrock To Use CF Benchmarks for Bitcoin Price Indexing

Blackrock To Use CF Benchmarks for Bitcoin Price Indexing
  •  Adoption of a benchmarking standard is a necessary part of its crypto strategy.
  • Since its 2017 inception, CF Benchmarks has established an impressive reputation.

The world’s biggest asset manager, BlackRock, has almost finished securing its foothold in the crypto space. The asset management behemoth is aiming to use a Kraken subsidiary corporation in its BTC offering index soon after its most recent foray into digital assets.

There have been reports of cooperation between BlackRock and Kraken’s CF Benchmarks. The multi-trillion dollar asset management, according to the reports, will base its BTC indexes on the criteria established by CF Benchmarks. BlackRock’s adoption of a benchmarking standard is a necessary part of its crypto strategy. Apparently, the company has decided to use the Kraken division for this.

Fundamental Aspect of Asset

Sui Chong, CEO of CF Benchmarks, made a point to mention BlackRock’s private BTC trust fund as evidence of Bitcoin’s rising popularity. When it comes to the widespread use of Bitcoin and other cryptocurrencies, Chong’s statement is indicative of the current state of affairs. In spite of the apparently endless Crypto Winter, the use of digital assets has increased recently due to increased exposure.

As a rule, the indexing of crypto assets is a fundamental aspect of every digital asset offering. Several major participants, including the Chicago Mercantile Exchange (CME) Group, the biggest derivatives marketplace in the world, rely on and make use of the London-based firm’s benchmarks.

Since its 2017 inception, CF Benchmarks has established an impressive reputation. Since its inception, the company has focused only on the Bitcoin reference rate. After CME started using the reference rate, the exchange signed on as the company’s first customer. With its expansion, the organization is now providing services to customers in a variety of international locations. A recent addition to this roster of satisfied customers is BlackRock.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.