The biggest asset management in the world, BlackRock, has teamed up with cryptocurrency exchange Coinbase to provide institutional investors with direct access to bitcoin services.
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 provided through Coinbase Prime, an integrated trading platform for institutional cryptocurrency investors that is already in existence. Recently, Coinbase Prime also introduced a program that allows American consumers to stake ETH.
The historic integration comes four months after BlackRock CEO Larry Fink stated that his consortium would look into multiple avenues for providing its customers with crypto investment tools. This doesn’t just stop with BlackRock’s first crypto-exposed ETF, which was introduced at the end of April 2022.
On the other hand, given Coinbase’s recent struggles and the recent regulatory uncertainties surrounding the former CEO, this is a rather unexpected turn of events. This year, the company has struggled greatly. The United States Securities and Exchange Commission (SEC) swiftly filed a lawsuit against Coinbase after a Coinbase Product Manager was detained for insider trading and claimed that nine cryptocurrencies offered on the exchange were securities.
The aforementioned combination is however comprehensible given the context of the connection between Coinbase and BlackRock because Coinbase’s COIN shares have received the majority of the investment weight from BlackRock, amounting to 11.45% over the past year. Bitcoin ETFs. Coinbase CEO Emilie Choi commented on this accomplishment by saying:
“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, BlackRock and Coinbase both reaffirm that they are working to expand their platform connections and gradually push out the functions stated in the article for interested users.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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