Global investment management firm Pimco plans to start cryptocurrency trading, according to a report by CNBC.
During CNBC's Delivering Alpha conference, Daniel Ivascyn, Pimco's chief investment officer, said that the $2.21 trillion investment management firm was looking to gradually integrate crypto its business:
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.
Several hedge fund portfolios of the fixed-income giant have already dipped their toes into trading cryptocurrency-backed securities.Ivascyn claims that decentralized finance is a disruptive force that could threaten Pimco's business. Hence, one of the leading asset managers has to adapt to the new environment.
In December, Pimco's market strategist, Tony Crescenzi, said that Bitcoin is not money.