BlackRock Partners with Jio for Digital Asset Services: FT

BlackRock, the world’s largest asset manager, is looking to enter the growing Indian market through a new partnership.

 

The company aims to provide digital asset services in India, targeting the increasing demand for such services in the country.



On July 26, Jio Financial Services (JFS) from India and BlackRock, a major American asset management company, revealed their collaboration to introduce digital asset management services in India.

JFS is a part of the Reliance Group, owned by billionaire Mukesh Ambani. The partnership plans to make an initial investment of $150 million each, as stated in the Jio press release.

BlackRock Into India

As reported by the Financial Times on July 26, BlackRock plans to introduce a “digital-first asset manager” to cater to the expanding investor community in India.

Jio CEO, Hitesh Sethia, explained that the partnership would utilize BlackRock’s expertise in investment and risk management, combined with JFS’s technology capabilities and market knowledge, to offer digital products and services to customers.

According to the report, billionaire Mukesh Ambani aims to elevate JFS to become one of India’s leading non-banking finance companies by utilizing the resources of his telecom and retail enterprises.

BlackRock’s APAC head, Rachel Lord, emphasized that India presents a significant opportunity due to the combination of increasing prosperity, favorable demographics, and digital advancements across various sectors, which are transforming the market in remarkable ways.

The partnership between BlackRock and Jio Financial Services didn’t mention crypto assets, but they might offer digital asset services. However, the Indian government and central bank are cautious about crypto and haven’t set clear rules yet.

The finance minister and central bank governor discussed crypto regulation at a G20 meeting, calling for measures to address risks and protect investors. BlackRock is actively expanding in Asia after applying for a U.S. Bitcoin ETF and recently hired executives for its wealth teams in China and Singapore.

Cryptocurrency Market Forecast:

Crypto markets have been in a consolidation phase, with little movement and flat trends. The total value of all cryptocurrencies combined is slightly higher at $1.23 trillion, but trading volumes and activity are low.

Bitcoin attempted to surpass the $30,000 mark, but it fell short and is currently valued at $29,400.

 



Ethereum has seen a slight increase in its value, but it has not managed to go beyond $1,900. Other altcoins are also showing minimal changes compared to yesterday’s levels.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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