To enable financial institutions and investment managers to govern their crypto investments seamlessly, Bloomberg has partnered with global fintech company Elwood Technologies.
In a statement, the strategic integration will enable institutional investors to combine Bloomberg’s workflow, analytics, and data tools with Elwood’s crypto trading capabilities. As a result, rendering a unified investment process meant for optimal returns.
Therefore, Elwood trading platform users will transfer their investments directly into Bloomberg AIM, buy-side order management (OMS). The Financial Instrument Global Identifier (FIGI) will also be used as the handler of the crypto asset integration.
Ian Peckett, the global head of buy-side product at Bloomberg, welcomed the partnership and stated:
“It has always been our goal to provide clients with the cutting-edge capabilities necessary to manage their entire investment portfolio in an integrated manner, and this increasingly includes alternative asset classes such as cryptocurrencies.”
With approximately 15,000 professionals and at least $17 trillion in assets, Bloomberg AIM intends to transform institutional crypto investment by offering an all-inclusive operating model with Elwood.
James Stickland, the CEO of Elwood Technologies, said:
“This strategic partnership continues to deliver on our mission of providing access to digital asset markets in a way that institutions expect. We look forward to working closely with Bloomberg to simplify institutional access to cryptocurrency markets.”
The integration is anticipated to be finalized in the second quarter of this year. Since institutional investments started trickling into the crypto market in 2020, exponential growth has been experienced in this sector. For instance, Bitcoin’s institutionalization increased 4-fold to hit a weekly average of $1.9 trillion in December 2021.
Likewise, MicroStrategy, an American business intelligence firm, has been leading the pack in institutional investments, with a Bitcoin portfolio of more than 121,000 BTC.
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