US-based largest cryptocurrency exchange, Coinbase rallied on Thursday after inking a deal with investment management corporation, BlackRock Inc.
Coinbase, announced on 4th August 2022, Thursday, that it is collaborating with BlackRock, the largest financial asset management in the world, to give its clients direct access to cryptocurrencies, starting with Bitcoin (BTC). If they choose to join up for Coinbase Prime, users of BlackRock’s institutional investment management software Aladdin will also have access to crypto trading, custody, prime brokerage, and reporting features.
In addition to offering trading, custody, prime finance, staking, data, and reporting services on more than 300 digital assets, Coinbase Prime is an institutional trading solution. The service is designed for organisations including corporate treasuries, asset allocators, hedge funds, and financial institutions. Coinbase Prime is used by more than 13,000 users.
Joseph Chalom, the global head of strategic ecosystem quoted
“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,”
‘‘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.’’ added one of the executives of BlackRock.
Coinbase emphasized that their service was the “most trusted bridge to the cryptoeconomy,” offering security, insurance and compliance practices to institutions to provide safe access to crypto markets.
What do you think of this collaboration? Let us know in comment section.
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