Blackstone to make $3 billion in blockchain investments
Posted On July 24, 2021
New York, NY — Blackstone has announced a $3.6 billion investment in blockchain technology, according to the Wall Street Journal.
Blackstrap, the company behind the Blackstone Blackcard, Blackstone App and the Blackstrap app, is the third major Wall Street firm to invest in blockchain, following IBM and Accenture.
The announcement came as the firm announced a blockchain platform to connect with businesses in the finance industry.
Blackstrap is partnering with the Blockchain Alliance of New York State and the New York City Department of Financial Services to develop a blockchain infrastructure that will allow customers to transact with their customers and to use blockchain to manage their own records and records of other customers.
Blockchain is a technology that allows for the transparency and trustless operation of data on a global scale.
The investment by Blackstone and the government of New Jersey comes as blockchain technology continues to take off.
In June, BlackRock, a major Wall St. firm, said it had $30 million in investments into blockchain technology companies, including blockchain startups.
In March, Bloomberg reported that blockchain technology is poised to create billions of dollars in revenue in the next five years, which could have a major impact on the financial industry.
In April, the Federal Reserve Board announced it was exploring the possibility of creating a blockchain-based asset reserve system, according a report by Bloomberg.
Blackstone is a private equity and investment firm that focuses on emerging technologies, technology and digital assets.
The company was founded in 1835 and is headquartered in Greenwich, Connecticut.