The crypto exchange and financial services firm Blockchain.com has reportedly launched a new wealth management service for its institutional clients.
New BCAM service
The new service has reportedly been named BCAM and will serve financial institutions, family offices and high net worth individuals. This reports Bloomberg. BCAM was founded in collaboration with Altis Partners. This is a futures portfolio manager that also manages investment portfolios using blockchain technology. Blockchain.com is the underlying platform that will power BCAM.
The service itself is based on a specific strategy, the price of Bitcoin (BTC) tracks against the US dollar ($). It is also developing a new approach for investors entitled “Algorithm-Based Risk-Managed Exposure” which aims to reduce the volatility of Bitcoin investments.
More to come
In addition, the company is also reportedly developing a product that will manage exposure to decentralized financial coins linked to apps that will allow people to trade, borrow and lend without the involvement of an intermediary. With this, Blockchain.com is investing heavily in its institutional customers and activities.
The news of BCAM comes just days after Blockchain.com raised new funding. Since this financing, the company’s valuation has risen from $5.2 billion to approximately $14 billion. The round was led by Lightspeed Venture Partners, to which Baillie Gifford & Co. and other investors participated.
Blockchain.com was launched in 2011 and has since grown into one of the largest cryptocurrency related companies in the world. It therefore offers a wide range of blockchain-based (financial) services, including, for example, their exchange platform and crypto wallets. More than 37 million verified users use their exchange which has over $1 trillion in total transaction value.