coinbase is announced A new partnership with BlackRock to bring crypto services directly to BlackRock’s institutional investors using Aladin, the asset manager’s end-to-end investment management platform.
According to the Aug. 4 announcement, the services will include cryptocurrency trading, custody, prime brokerage and reporting capabilities offered through Coinbase Prime.
Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, said:
Our institutional investors are increasingly interested in exposure to the digital asset market and are focused on how to efficiently manage the operational lifecycle of these assets. This connection with Aladdin It will enable clients to manage their Bitcoin exposure directly in their existing portfolio management and trading workflows, giving them a complete portfolio view of risk across asset classes.
Blackrock is the world’s largest asset manager with over $8 trillion in assets under management.
In March, BlackRock CEO Larry Fink said: Said Asset managers have been looking at ways to offer digital currencies to their clients, citing growing interest in the space.
The news comes at a time when the cryptocurrency industry is recovering from a crash that saw the value of Bitcoin (BTC) and other digital assets plummet to record lows. It is also a time when Coinbase is facing regulatory scrutiny for its listing.
Coinbase’s share price, meanwhile, responded positively to the news, jumping about 40% to $116. however, pulled back $93.81 at time of writing.