Low-Cap Altcoin Explodes After Institutional Giant BlackRock Namedrops Crypto Asset
An environmentally conscious blockchain project is gaining momentum after the world’s largest asset management firm praised the effort.
According to a new press release announcing a spot-priced Bitcoin (BTC) private trust for investors, BlackRock says Energy Web (EWT) is helping to lead the way in reducing the carbon footprint associated with cryptocurrency mining.
“BlackRock encourages organizations such as RMI and Energy Web to develop programs to bring greater transparency to sustainable energy use in Bitcoin mining, and will monitor progress on these initiatives.”
The Rocky Mountain Institute (RMI) is a non-profit organization focused on energy policy that co-founded the 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) … to support a low-carbon, customer-centric energy future.”
Energy Web believes that member partners using the software have the power to “decarbonize the global economy” as they transition to cleaner energy solutions.
Native utility token EWT is used to pay gas taxes and facilitate various services on the Energy Web chain.
Energy Web Token’s price had been relatively flat since early May, but news of the BlackRock announcement sent it vertical earlier today.
EWT surged 37.4% from $2.67 to a peak 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 across the cryptosphere by announcing it was partnering with top US-based exchange Coinbase to offer its customers direct access to Bitcoin.
As stated in today’s press release,
“Despite the sharp decline in the digital asset market, we continue to see significant interest from some institutional customers in how we can efficiently and cost-effectively access these assets using our technology and product capabilities.”
BlackRock is a titan in the world of traditional investment finance, boasting $10 trillion in assets under management (AUM).
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Featured image: Shutterstock/Agor2012/Nikelser Kate
