Clients of $10 trillion asset management firm BlackRock are reportedly not showing much demand for leading smart contract platform Ethereum (ETH).
Robert Mitchnick, head of digital assets at BlackRock, say that the company’s customers are mainly interested in Bitcoin (BTC), the leading crypto asset by market capitalization, leaving only a “little bit” of demand for the top altcoin, reports Fox Business journalist Eleanor Terrett.
“For our customers, Bitcoin is overwhelmingly the top priority. And then a little bit of Ethereum, and very little of everything else.”
Mitchnick also says he recognizes that the digital asset community wants BlackRock to create a long line of crypto-focused products. However, he says, “we’re just not focused on that.”
In January, the US Securities and Exchange Commission (SEC) postponed its decision on whether to approve Ethereum-based exchange-traded funds (ETFs) from BlackRock and crypto asset manager Grayscale. At the time, the regulator said it needed more time to consider the proposed rule change.
Earlier this month, SEC Chairman Gary Gensler declined to comment on whether Ethereum counts as a security or not, citing the fact that the regulatory body is in the process of deciding the fate of ETH ETF applications.
Ethereum is trading at $3,332 at the time of writing, down fractionally over the past 24 hours.
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