The world’s largest asset manager, BlackRock, has decided to offer bitcoin trading and custody services through a new partnership with Coinbase. Through this project, Coinbase and BlackRock could greatly promote the wider adoption of cryptocurrencies by institutions.
BlackRock signs partnership with Coinbase to offer bitcoin-related services
According to tweet from Bitcoin Archives on August 4, “asset manager BlackRock offers bitcoin services to institutions“. It turns out that the world’s largest asset manager had signed a partnership with the Coinbase exchange. With this partnership, BlackRock will provide institutions bitcoin and other cryptocurrency trading and custody services through Coinbase Prime. Likewise, it is going to offer excellent brokerage and reporting services.
To facilitate transactions, the project aims Connect Coinbase Prime and Aladdin. Aladdin is BlackRock’s platform for end-to-end investment management. Thanks to Coinbase Prime, Aladdin will be able to offer its institutional clients direct access to cryptos. Note that its offering will be primarily focused on bitcoin (BTC) at the beginning.
That said, Coinbase Prime was developed for institutions. To do this, the platform has advanced infrastructure to manage the entire transaction lifecycle of crypto staking, trading and custody. It uses state-of-the-art compliance, security and insurance tools.
According to Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, the new partnership with Coinbase will be beneficial. Joseph explained that BlackRock’s institutional clients are eager to enter the crypto market, in this case bitcoin. And connectivity between Aladdin and Coinbase Prime will satisfy these customers. It will give them “a global view of risk across all asset classes” for more efficient investments.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.