Home Technology Small-Cap Altcoin Explodes After Institutional Giant BlackRock Namedrops Crypto Asset

Small-Cap Altcoin Explodes After Institutional Giant BlackRock Namedrops Crypto Asset

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Small-Cap Altcoin Explodes After Institutional Giant BlackRock Namedrops Crypto Asset

An environmentally conscious blockchain project is in full swing after the world’s largest asset management firm hailed its efforts.

According to a new press release announcing a spot price Bitcoin (BTC) private trust for investors, BlackRock claims that Energy Web (EWT) helps lead the way when it comes to reducing the carbon footprint associated with cryptocurrency mining.

“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy use in Bitcoin mining, and will monitor progress around these initiatives. .”

Rocky Mountain Institute (RMI) is an energy policy-focused nonprofit that helped co-found Energy Web in 2017.

The project’s Energy Web decentralized operating system (EW-DOS) provides “an open source stack of decentralized software and standards – including the Energy Web Chain and various software development toolkits (SDKs)…in support of a low-carbon energy future and customer-centric.”

Energy Web believes that member partners using its software have the power to “decarbonize the global economy” while transitioning to cleaner energy solutions.

The EWT native service token is used to pay gas fees and facilitate various services on the Energy Web channel.

Energy Web Token’s price had been relatively flat since early May, but news of BlackRock’s announcement sent it plummeting earlier today.

EWT rose 37.4% from $2.67 to a high of $3.67, before correcting slightly. The altcoin remains up over 36% on the day and is trading at $3.58.

Last Thursday, BlackRock made headlines in the crypto sphere by announcing that it was partnering with the largest US exchange Coinbase to offer its customers direct access to Bitcoin.

As today’s press release indicates,

“Despite the sharp decline in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”

BlackRock is a titan in the world of traditional investment finance with $10 trillion in assets under management (AUM).

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Featured Image: Shutterstock/Agor2012/Nikelser Kate

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