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BlackRock Launches Spot Bitcoin Private Trust

BlackRock, one of the largest asset management firms, has launched Spot Bitcoin Private Trust for institutional clients in the US. It will track the performance of bitcoin and provide clients with the option of investing in it. Bitcoin, the largest cryptocurrency by market capitalization, has been declining in price over the past few months. It touched a high of around $69,000 in November last year.

of Reuters Report “Despite the steep decline in the cryptocurrency market, institutional clients continue to have considerable interest in this segment,” BlackRock is quoted as saying. Earlier this month crypto exchange Coinbase tied up with BlackRock to offer crypto trading and custody services to its institutional clients. The exchange’s trading platform for crypto assets, Coinbase Prime, will provide institutional clients crypto trading, custody and reporting on BlackRock’s platform. The decline in the crypto market has had a major impact on Coinbase. Its stock has fallen more than 60 percent this year.

Coinbase recently expanded the scope of its coin staking portfolio for users. The exchange has introduced staking benefits for Solana, which will reward SOL investors. These rewards will be given for holding and staking SOL coins in the network of the exchange. The current estimated return of staking on Coinbase for Solana is approximately 3.85 percent Annual Percentage Yield (APY). Rewards will be given every three to four days.

The process of staking involves depositing crypto assets and validating transactions to support a blockchain network. Blockchains that support Proof-of-Stake (PoS) mining allow staking. Staking gives cryptocurrency holders an opportunity to increase returns. Solana is a PoS blockchain. It gives SOL holders an opportunity to hold their assets and earn returns. Coinbase had reported, “Users can stake Solana themselves or through the staking service, but the process is complicated. Users are provided with an easy and secure way to join the Solana network and earn rewards from the exchange.” “

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