Coinbase will help BlackRock's top clients gain exposure to the cryptocurrency market in a new partnership
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- BlackRock is partnering with Coinbase to give the asset manager's client greater exposure to crypto.
- Coinbase will help BlackRock's Aladdin clients trade bitcoin and access its crypto exchange.
- Bitcoin is down 51% from the start of the year.
Coinbase is partnering with BlackRock to help some of the asset manager's top clients gain greater exposure to cryptocurrencies.
The world's largest asset manager tapped Coinbase in a move that marks its largest push yet into the crypto market. Coinbase will connect clients using Aladdin, BlackRock's investment arm, with Coinbase Prime.
The partnership will initially be limited to helping clients gain exposure to bitcoin, according to a Coinbase blog post. The company added that the rollout will continue in phases to eventually integrate stocks, bonds, financing, and trading. Shares of Coinbase jumped as much as 21% to $98 in early Thursday trading.
BlackRock's move to partner with the largest crypto trading platform in the US comes at a difficult time for digital assets, with some of the largest cryptos losing billions in value since the start of the year. Bitcoin, the largest cryptocurrency by market capitalization, has shed 51% from January, a far cry from its November 2021 all-time high of $69,000.
And Coinbase is facing headwinds of its own. The company is currently being investigated by the US Securities and Exchange Commission for allegedly allowing customers to trade unregistered securities. Coinbase is down 68% from thr start of 2022 as the broader crypto selloff and rising inflation batter the digital asset sector.
Contributer : Business Insider https://ift.tt/idCvaS5
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Friday, August 05, 2022
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