BlackRock partners with Coinbase to offer crypto trading to institutional investors

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2022-08-05 01:41:39

The world’s largest asset manager BlackRock has partnered with cryptocurrency exchange Coinbase to offer crypto services directly to institutional investors.

BlackRock partners with Coinbase to offer crypto trading to institutional investors

According to the official announcement published by Coinbase on the afternoon of August 4, general customers of BlackRock’s exchange and investment management platform, Aladdin, will have access to trading and custody services. and crypto brokers.

Access will be granted through Coinbase Prime, an existing integrated trading solution for institutional crypto investors. Recently, Coinbase Prime has also launched a product that supports ETH staking for customers in the United States.

The landmark integration comes four months after BlackRock CEO Larry Fink said his consortium will explore multiple ways to offer crypto investment tools to its customers, It doesn’t just stop at BlackRock’s first crypto-exposed ETF that was launched at the end of April 2022.

On the other hand, this is a very unexpected turn of events because Coinbase has been struggling a lot this year with its business plummeting and the recent regulatory uncertainty regarding the former CEO. Coinbase Product Manager arrested for insider trading, prompting the US Securities and Exchange Commission (SEC) to quickly Filed against Coinbase with allegations that 9 cryptocurrencies listed on the exchange are securities.

However, considering the context of the relationship between Coinbase and BlackRock, the above combination is understandable because Coinbase’s COIN shares have been allocated most of the investment weight by BlackRock, up to 11.45% in the past year. Crypto ETFs. Commenting on this milestone, Coinbase President Emilie Choi said:

“BlackRock’s deep expertise in investment management technology, combined with Coinbase’s secure and integrated suite of trading, custody, and brokerage products, will further facilitate access and transparency. more transparency towards crypto investments.”

Finally, both BlackRock and Coinbase confirm that they continue to develop to connect more platforms to more platforms and roll out the functions mentioned in the article in phases for interested customers.

COIN stock price has surged thanks to the above news after a period of decline due to constant fud.

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