BlackRock partners with Coinbase to develop cryptocurrencies with institutional investors
Coinbase is working with BlackRock to add Bitcoin (BTC) to the list of assets supported by the Aladdin system, further showing Wall Street giants’ interest in cryptocurrencies. The news comes as Coinbase is in a very difficult situation and this could give it a temporary breath of fresh air.
BlackRock is developing a partnership with Coinbase
Meeting above: Black Rockthe world’s largest wealth manager, announces that it has selected Coinbase as its cryptocurrency development partner with its institutional clients.
The giant BlackRock that crossed the $10 trillion in assets at the start of the yearwill enable its customers Using Aladdin to access Bitcoin (BTC) through Coinbase Prime, the Coinbase system is also intended for institutional investors.
Aladdin is a system ofartificial intelligence developed by the internationally recognized BlackRock, which allows to face the volatility and uncertainties of the market via a continuous data analysis.
Specifically, Aladdin customers will be able to do this monitor their bitcoin exposure along with their commitments and their actions further evidence of the interest that bring traditional financial players to cryptocurrencies and new technologies in general.
To Joseph ShalomHead of Strategic Partnerships at BlackRock, this is also the result of a increasing customer demand of the asset manager:
“Increasingly, our institutional clients want access to the digital asset markets and are focused on how to effectively manage the operational lifecycle of these assets. This connection with Aladdin will allow clients to manage their Bitcoin exposures directly within their existing portfolio management and trading workflows for a holistic view of risk across asset classes. »
The news comes in the middle of a bear market, the outcome of which seems difficult to predict. The latter also made Coinbase expensive, which could be observed Reducing 3/4 of its market cap since the beginning of this year. Already in June, the company had to lay off a thousand employees in anticipation of the coming difficulties.
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Coinbase Prime service is currently serving more than 13,000 clients made up exclusively of institutional investorsgiving them access to a wide range of services to support the entire trading lifecycle, in particular by offering them an advanced trading system that offers an asset custody service, data, analytics and a staking offering.
According to Coinbase, institutional customers were eliminated 3/4 of the platform’s trading volume in the first quarter of the yearincluding wealth management and corporate finance.
As for BlackRock, the company had previously participated in a roughly $400 million funding round with Circle to evaluate it last April Ways to use USDC in the capital marketsin addition to its role as liquidity manager.
Coinbase’s stock skyrocketed after announcing its partnership with BlackRockaround 15% to $92.66 at the beginning of the session in New York.
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Source: Coinbase
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Passionate about the world of decentralized finance and the innovations that Web 3.0 brings, I write articles for Cryptoast to make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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