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The world's largest asset manager, BlackRock, has reportedly updated its Bitcoin custody requirements with Coinbase, requiring the exchange to deposit Bitcoin directly on-chain within 12 hours of instructions. 
The move comes after concerns emerged that BlackRock’s Bitcoin ETFs may be trading in “paper BTC” rather than actual crypto assets. 
Bloomberg ETF analyst Eric Balchunas weighed in on the issue, explaining that BlackRock takes meticulous steps to ensure transparency and proper asset management. BlackRock operates its own blockchain node and withdraws Bitcoin balances from wallet addresses on Coinbase Prime every night, according to Balchunas. This process validates the Bitcoin held by BlackRock’s recommended Bitcoin ETF, the iShares Bitcoin Trust (IBIT). 
Related News: <a href="https://en.bitcoinsistemi.com/bitcoin-could-be-preparing-for-a-significant-surge-analyst-says-explains-why/" target="_blank" rel="dofollow">“Bitcoin Could Be Preparing for a Significant Surge,” Analyst Says, Explains Why</a> 
BlackRock is willing to show verified balances to institutional clients upon request, although it doesn’t make that data public to avoid a flood of spam like sanctioned Bitcoin or NFTs, according to the analyst. Balchunas said BlackRock’s extensive experience managing more than 500 ETFs with trusted custodians reassures investors that their funds are being handled safely and alleviates fears of fraudulent practices similar to the collapse of FTX under Sam Bankman-Fried. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/blackrock-allegedly-steps-in-after-alarming-bitcoin-allegations-about-coinbase-bloomberg-analyst-speaks-out/">BlackRock Allegedly Steps In After Alarming Bitcoin Allegations About Coinbase: Bloomberg Analyst Speaks Out</a>

BlackRock Allegedly Steps In After Alarming Bitcoin Allegations About Coinbase: Bloomberg Analyst Speaks Out

Bitcoin Sistemi EN

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