Blockchain.com, the cryptocurrency exchange and financial services company, has launched an asset management service for their wealthy users.
According to Bloomberg, the service is called BCAM and will cater to organizations, family offices, and individuals with a large net worth. BCAM is a collaborative project with Altis Partners, a company that manages future portfolios while also managing portfolios using Blockchain technology. Blockchain.com is the basic foundation that helps BCAM work.
The new service has not been officially announced by both Blockchain.com and Altis Partners, but it is based on a tactic that tracks the price of Bitcoin (BTC) against the U.S. dollar. It also develops a new approach for investors, known as an "algorithm-based risk management approach," aimed at reducing the instability of Bitcoin investing.
In an interview, Charlie McGarraugh, the company's chief strategy officer, said that the company is also developing a product that helps manage access to decentralized financial currencies linked to apps that help people transact, Borrow and lend without intermediaries. McGarraugh said the launch of the new service is a signal that Blockchain.com continue to strengthen their business.
BCAM's launch comes just days after Blockchain.com had just raised new capital, increasing their value from $5.2 billion to $14 billion. The funding round was led by Lightspeed Venture Partners, along with Baillie Gifford & Co. and others.
Blockchain.com was launched in 2011 and is now one of the world's largest cryptocurrency companies. They offer a variety of blockchain-based financial services, including their cryptocurrency exchanges and wallets as well as the company's own products. According to their website, the company has 37 million users and a total transaction value of more than $1 trillion.
