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.
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In December, Pimco's market strategist, Tony Crescenzi, said that Bitcoin is not money.
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