BlackRock, the largest asset management firm globally, has appointed Anchorage Digital Bank N.A. as an additional custodian for its iShares Bitcoin Trust ETF.
According to a Form 8-K filing dated April 7, Anchorage Digital will take on the role of an extra cryptocurrency custodian for IBIT.
This new development implements a dual-custodian system, with Anchorage Digital partnering with Coinbase, the current custodian, to bolster the security and operational strength of IBIT’s Bitcoin (BTC) holdings.
Anchorage Digital Bank N.A. is the only federally chartered digital asset bank in the United States, offering a variety of services, including digital asset custody, staking, settlement, and on-chain governance.
Increasing demand for digital assets
This collaboration enables BlackRock to take advantage of these services, highlighting the increasing demand for digital asset products among both retail and institutional investors.
Robert Mitchnick, Head of Digital Assets at BlackRock, remarked, “After a comprehensive review, Anchorage Digital clearly meets our standards, and we are pleased to broaden our network of qualified digital asset service providers with their addition.”
The announcement follows BlackRock’s recent approval from the UK Financial Conduct Authority to function as a crypto asset firm, allowing the company to offer its Bitcoin ETP in the UK. The iShares Bitcoin ETP, trading under the ticker IB1T, has commenced trading on Euronext Paris and Amsterdam with a temporary fee waiver.