- BlackRock and Coinbase are coming together for crypto market expansion.
- Both companies’ collaboration aimed at institutional investors.
- Coinbase Prime and Aladdin is the platform where this collaboration will be done.
Coinbase and BlackRock’s Collaboration
Coinbase and BlackRock announced their partnership this Thursday. Coinbase is a well-known crypto exchange. Whereas BlackRock is one of the leading investment management companies. The partnership will benefit institutional investors. It will allow crypto trading and custody services.
This collaboration news came out between the crypto market crash. Coinbase also noted its share was down by 60% this year. The collaboration of both companies will allow crypto trading.
Coinbase’s institutional trading platform is Coinbase Prime. That provides crypto trading, custody, and prime brokerage. It will report capabilities to the institutional investors of BlackRock, Aladdin. While Aladdin is the portfolio management software. It eases the portfolio management of institutional investors.
Joseph Chalom, the Chief Operating Officer of BlackRock, said, “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and focused on how to efficiently manage the operational lifecycle of these assets.”
Coinbase has recently announced that they were cutting their global workforce. It will be around 18% while ensuring it remains “healthy during this economic downturn.” The share price of Coinbase noted this Thursday was over 30%. And by following the news, the US market traded 10% up at $88.90.
BlackRock’s Aladdin will help institutional investors through its software suite. It will provide the important development of the institutional adoption of crypto prices.
The partnership of the leading crypto firms makes some positive impact. Even in the current “crypto winter,” this partnership shows belief in the crypto market. Coinbase and BlackRock signal institutional investors to keep faith in crypto trading. It will provide development management services.
Source: https://www.thecoinrepublic.com/2022/08/05/blackrock-and-coinbase-collab-aiming-crypto-market-expansion/