- The fund has partnered with Jio Financial Services.
- As part of the partnership, the companies will create a venture to launch digital asset management services.
- The announcement did not specifically mention cryptocurrencies.
- The initial investment is $150 million from each firm.
One of the world’s largest asset managers, BlackRock, has partnered with India’s Jio Financial Services (JFS), the Financial Times reported. Together they announced a joint venture to launch digital asset management services in the country.
The two companies plan to initially invest $150 million each in the project, Reuters wrote, citing a statement from Jio Financial Services.
JFS CEO Hitesh Sethia explained the partnership model between the companies:
“This collaboration will provide an opportunity to leverage BlackRock’s longstanding investment and risk management expertise and JFS’ technology capabilities and market experience to enable digital product delivery.”
The partnership announcement did not mention cryptocurrencies, but it is possible that they could be part of the digital asset services offered.
BlackRockCEO Larry Fink also commented on the deal:
“We are working to expand our presence through a future joint venture in India with Jio Financial Services. We have a shared vision of creating a better financial future, and I’m excited to see Jio BlackRock leverage our combined experience and scale to unlock investment opportunities for millions of people.”
Remember, BlackRock filed with the SEC in June for a spot bitcoin-ETF.
Be interesting