Bitcoin News and Finance
$2.2 Trillion Asset Manager Pimco Looking to Trade Cryptocurrencies, CIO Says Skip to main content

$2.2 Trillion Asset Manager Pimco Looking to Trade Cryptocurrencies, CIO Says

$2.2 Trillion Asset Manager Pimco to Begin Trading Cryptocurrencies, CIO Says

Pimco, an asset manager with $2.2 trillion under management, is looking to start trading cryptocurrencies. “We’re trading from a relative value perspective,” the firm’s chief investment officer said. Pimco’s clients include central banks, sovereign wealth funds, public and private pension funds, financial and non-financial corporations, foundations, and endowments.

Pimco Getting Into Crypto

Pimco’s chief investment officer, Daniel Ivascyn, told CNBC in an interview Wednesday that his company is looking to trade digital assets, noting that some of its hedge fund portfolios are already investing in crypto-linked securities.

Pimco, an asset management subsidiary of Allianz Group, is a global leader in fixed income, its website details. Pimco manages $2.2 trillion in assets as of June 30. Its clients include central banks, sovereign wealth funds, public and private pension funds, financial and non-financial corporations, foundations and endowments, financial advisors, family offices, and individual investors.

Ivascyn said:

Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side.

“This will be a gradual process where we spend a lot of time on the internal diligence side speaking to investors. And, we’ll take baby steps in an area that’s rapidly growing,” he added.

His comments came as the price of bitcoin hit all-time highs Wednesday following the launch of the first U.S. bitcoin futures exchange-traded fund (ETF) on the NYSE.

Ivascyn also revealed that some of Pimco’s hedge fund portfolios are already trading crypto-linked securities. The CIO elaborated:

We’re trading from a relative value perspective. So, we’re not taking directional exposure, but we’re looking to take advantage of mispricings between the cash product, popular trust that trades on the exchange, and then the futures. So that was a starting point for us in a very narrow segment of our business.

He proceeded to comment on decentralized finance (defi). “You have to understand decentralized finance, because it will be disruptive, and it very well may disrupt our industry, in our business in particular,” he opined.

According to the executive, Pimco is “thinking about scenarios where this could take us to ensure that we are competitively prepared to deal with what’s a rapidly changing environment that offers a pretty significant value proposition, particularly for younger generations, or the new generation of the investment community.”

What do you think about Pimco investing in cryptocurrencies? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory