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

An environmentally conscious blockchain project is surging after the world’s largest asset management firm praised its efforts.

According to a new press release announcing a spot-priced Bitcoin (BTC) private trust for investors, BlackRock says that Energy Web (EWT) is helping to 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 usage in Bitcoin mining, and will follow progress around those initiatives.”

Rocky Mountain Institute (RMI) is a non-profit organization focused on energy policy 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, customer-centric energy future.”

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

Native utility token EWT is used to pay gas fees 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 increased by 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 for $3.58.

Last Thursday BlackRock made headlines across the crypto sphere by announcing that it was partnering up with top US-based exchange Coinbase to offer its clients direct access to Bitcoin.

As today’s press release states,

“Despite the steep downturn 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 that boasts $10 trillion in assets under management (AUM).

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Featured Image: Shutterstock/Agor2012/Nikelser Kate

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