The world’s largest asset manager, BlackRock, is looking for a vice president and they are searching for a blockchain expert who would be able to boost the demand for the company’s cryptocurrency, along with its other crypto-based offerings. The company’s job posting revealed that they are seeking someone who has experience in the crypto industry for filling out the position of a blockchain VP. The job posting stated that the best candidate would be one who could develop and implement strategies aimed at boosting demand for the company’s offerings. Moreover, the candidate will also be given the responsibility of improving the value proposition of the company’s investment and technology offerings.
Even though there hasn’t been any mention of the development of a particular blockchain-based product in the company, it is possible that BlackRock could be working on meeting the growing demand of digital assets in the institutional arena. Currently, the value of total assets under management at BlackRock is around $6.84 trillion, which makes it the biggest asset manager in the industry, ahead of Fidelity and Vanguard, who have $2.8 trillion and $5.6 trillion assets under management, respectively. The description of the job posting also said that the applicant needs to have at least a year of experience in the technological foundations associated with blockchain technology.
These include cryptographic hash functions, public-private key cryptography and distributed network consensus mechanisms. Furthermore, the candidate should also be aware of how to evaluate game theory models and decentralized governance related to blockchain technology. Larry Fink, the chief executive at BlackRock, also hinted that the asset management firm may be considering investing in Bitcoin and other crypto products. He recently commented on Bitcoin and stated that the leading crypto in the market had ‘caught the attention’ of a lot of people and there was a possibility that the coin could evolve into a global market asset.
There had also been reports earlier this year that some investors of BlackRock were abandoning the traditional long-term investment products in favor of crypto funds on Grayscale and a number of other investment fund managers. It is not surprising that more investors have chosen to shift their focus towards Bitcoin and other crypto investments. Therefore, it is a given that BlackRock would consider providing such investment options to its clients, as the company certainly wouldn’t want to lose them to the other asset managers out there.
Initially, BlackRock had been quite skeptical about making a move into the crypto space and investing in it. However, a movement to digital assets and a changing market scope has given the company no option but to move with the tide. Also, Rick Rieder, the chief information officer at BlackRock, has also acknowledged that Bitcoin has a growing influence and massive demand in the overall financial landscape. He reiterated that there was a strong possibility that Bitcoin would end up taking the place of gold by a huge extent. This year, institutional investment in Bitcoin has risen significantly because of this widespread belief.