BlackRock “shakes hands” with Coinbase to provide crypto trading for institutional investors

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2022-08-07 14:22:44

American global investment management group – BlackRock recently announced a partnership with cryptocurrency exchange Coinbase, to bring cryptocurrency services directly to institutional investors.

Investment giant BlackRock partners with the largest exchange in the US – Coinbase

According to the official announcement from Coinbase on the afternoon of August 4, the general customer file of exchanges and investment management platforms Aladdin of BlackRock – will have access to crypto trading, custody and brokerage services.

This access will be granted through Coinbase Prime – existing integrated trading solution for crypto investors. Are known Coinbase Prime recently launched an ETH staking support service for users in the US.

Thus, BlackRock’s landmark integration process takes place only 4 months after the company’s chief executive officer – Larry Fink said that he would find many approaches to provide crypto investment tools for customers. client. The proof is that the consortium doesn’t just stop at the first crypto-exposed ETF launching at the end of April 2022.

On the other hand, this merger is a rather unexpected event when Coinbase is facing many difficulties such as legal litigation or unstable financial situation. In late July, the SEC charged Coinbase with listing nine tokens that were allegedly “security.” The exchange is also involved in the scandal of the former product manager of an insider trading company. In addition, stock magnate Cathie Wood even dumped shares in Coinbase.

However, if you consider the context of the relationship between Coinbase and BlackRock, the cooperation of these two giants is to benefit the other party. Coinbase COIN shares have now been allocated most of the investment proportion by BlackRock to 11.45% in Crypto ETFs. Coinbase President Emily Choi comment:

“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.”

BlackRock and Coinbase confirm that they will continue to develop to connect more platforms with more platforms, and roll out functions in phases for interested customers.

After a period of decline due to Fud, Coinbase’s COIN stock price rebounded strongly thanks to the above news.

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