According to Coinbase's statement, BlackRock will use Coinbase Prime to provide investment management platform Aladdin's institutional clients with direct access to crypto. Thus, services such as crypto trading, custody, main brokerage and reporting will be offered to Aladdin's institutional customer base, which will become a customer of Coinbase through integration with Coinbase Prime.
Specially designed for institutions, Coinbase Prime offers advanced agency trading, custody, principal financing and staking infrastructure that supports the entire transaction lifecycle, while also providing data transmission and reporting services. Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock (BLK), said:
“Our institutional clients are now more interested in investing in digital asset markets and are exploring how to manage these assets efficiently. Thanks to this connection with Aladdin, clients will be able to consolidate their asset classes into a single portfolio and directly manage their Bitcoin risk in their existing portfolio management and trading activities. will be allowed.”
Joseph Chalom also sees the integration of BlackRock's investment management platform with Coinbase as an important milestone. Stating that corporate companies are rapidly adopting the crypto economy, Chalom said that they are determined to move the industry forward and create new access points.
The statement also announced that BlackRock and Coinbase will continue to improve their platform integration and will gradually introduce new features to institutional customers.
Shares of Coinbase surged as much as 40 percent today after the crypto exchange announced a partnership with BlackRock to give its customers access to cryptocurrency trading starting with bitcoin. On the other hand, according to alternative data provider Quiver Quantitative, the COIN stock was one of the most talked about topics in Reddit's WallStreetBets group on Thursday. Coinbase shares have fallen sharply in recent months, in line with cryptocurrencies. The stock rose 20% on Wednesday and was down nearly 70% in 2022 from yesterday's close.