PIMCO to enter crypto trading with $2.21 trillion under management

PIMCO, an American investment company with $2.21 trillion in assets under management, plans to begin trading cryptocurrencies. This was stated by the firm’s CIO Daniel Ivascyn in an interview with CNBC.

“Now we are potentially considering trading certain cryptocurrencies as part of our trend-following or quantitative trading strategies, then we will move more toward working on the fundamental side”, he said.

According to him, it is a gradual process, during which the firm has already spent a lot of time studying internal procedures, engaging with investors.

“We will take small steps in an area that is growing rapidly”, Ivascyn said.

He added that some of Pimco’s portfolio hedge funds trade crypto-linked securities.

According to Ivascyn, decentralized finance could radically transform the investment industry and undermine the company’s business.

“The firm is thinking about scenarios where this could lead us. It is necessary to ensure that we will be competitive to cope with a rapidly changing environment, which offers quite attractive propositions, especially for a younger generation of investors”, Pimco’s CIO emphasized.

Earlier, BlackRock chief Larry Fink, the head of the world’s largest asset manager by assets under management ($9.5 trillion), said there was minimal client interest in cryptocurrencies.