Blackrock’s Institutional Clients Get Crypto Exposure Through Coinbase

Blackrock’s Institutional Clients Get Crypto Exposure Through Coinbase
  • Coinbase share value surged 22% on Thursday due to BlackRock’s announcement.
  • To begin with, users will have access to Bitcoin.

Cryptocurrency exchange Coinbase has teamed with BlackRock, the world’s biggest asset management, to provide its institutional Aladdin platform customers with access to cryptocurrency through Coinbase Prime.

Coinbase’s trading, custody, prime brokerage, and reporting services will be made available to BlackRock’s institutional customers, who together oversee $20 trillion. To begin with, users will have access to Bitcoin.

Direct Exposure in Existing Portfolio Management

To prepare for what it believes will be an “extended” Crypto Winter, the crypto exchange laid off 18,000 employees, a significant decision at a time when the market is in upheaval. (COIN) had lost 60% of its value this year, but it surged 22% on Thursday morning due to BlackRock’s announcement about the company.

According to CMC, Coinbase has over 200 cryptocurrencies listed and has witnessed a trading volume of $1.6 billion in the last day. According to Brett Tejpaul, CEO of Coinbase Institutional, Coinbase’s institutional customers contribute 70% of that traffic. According to a press release, BlackRock customers will be able to watch their cryptocurrency assets alongside their traditional investments.

Joseph Chalom, BlackRock’s global head of strategic ecosystem partnership, stated:

“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 risks across asset classes.”

The iShares Blockchain and Technology ETF was launched by the $10 trillion asset manager in April, allowing investors to get exposure to blockchain technology without having to actively engage in digital assets. A total of 11.45 percent of the ETF’s portfolio was made up of COIN shares at the time. Those numbers have subsequently risen to 13.27 percent.

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