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Crypto exchange Coinbase to provide access to digital currencies for Blackrock institutional clients

The crypto exchange will provide crypto-related services to BlackRock clients through its institutional arm Coinbase Prime.

Image by: Wikimedia Commons

Fri, 05 Aug 2022, 10:25 am UTC

Crypto exchange Coinbase shares rose after announcing that it has entered into a partnership with BlackRock, the world's largest asset manager. Under the partnership, the American crypto trading platform will provide BlackRock institutional clients access to digital currencies.

The crypto exchange will provide crypto-related services to BlackRock clients through its institutional arm Coinbase Prime. Under the arrangement, the exchange will provide services such as crypto trading, custody, prime brokerage, and reporting capabilities to institutional clients of Aladdin, BlackRock’s end-to-end investment management platform, Coinbase wrote in a blog post.

“Built for institutions, Coinbase Prime integrates advanced agency trading, custody, prime financing, staking, and staking infrastructure, data, and reporting that supports the entire transaction lifecycle…” wrote Coinbase, whose institutional clientele include hedge funds, asset allocators, financial institutions, and corporate treasuries. “Our scale, experience, and integrated product offering represented what BlackRock believes to be a logical partner for Aladdin.”

Coinbase Prime is the leading institutional prime broker platform for digital assets specifically tailored for the needs of the 13,000institutional investors it currently serves. The platform offers data and analytics, staking and staking infrastructure, custody for more than 300 assets, prime financing, and advanced multi-venue agency trade execution for 200 assets such as Bitcoin (BTC) and other popular cryptos.

BlackRock cites increasing demand from its client as the reason for its decision to offer access to crypto via Conbase. “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” BlackRock’s Global Head of Strategic Ecosystem Partnerships at BlackRock Joseph Chalom said.

The partnership will allow BlackRock’s clients to manage their Bitcoin (BTC) portfolios directly, along with other asset classes. “This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes,” Chalom added.

BlackRock is a multinational investment management corporation and is one of the world’s largest financial institutions. The New York-based firm handles around $10 trillion in assets under management (AUM) in 2021, according to Bitcoin.com. The name of its institutional-focused platform, Aladdin, actually stands for Asset, Liability, Debt, and Derivative Investment Network.

Meanwhile, Coinbase shares rose by more than 16 percent during Thursday’s morning trading sessions after its announcement of the partnership with BlackRock. However, COIN is still 72 percent down from the stock’s all-time high.

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