The crypto industry is undergoing tremendous turmoil. However, she continues to be talked about. As the sector gradually recovers, Coinbase finds a way to get back in the saddle and BlackRock makes a surprising announcement!
BlackRock and Coinbase, a new target for bitcoin!
The crypto sector takes on a little more space every day. While some people continue to view cryptocurrencies as objects of destruction, bitcoin continues to gain sympathizers. Since the creation of the BTC, its notoriety has not wavered and the attacks of the regulators do not stop it.
Although the price of the flagship crypto has seen some problems over the past few months, the recovery is slow and other assets are following suit. However, an announcement puts bitcoin back in the spotlight. If many people are promoting BTC, this announcement will undoubtedly strengthen the conviction of investors.
On August 4, BlackRock, the largest asset management company announcement its collaboration with Coinbase. The goal ? Allowing its institutional clients to transact in bitcoin (BTC). According to a blog post, joint customers of Coinbase and Aladdin, Blackrock’s investment management platform, will be entitled to the capabilities of reportingprime brokerage and crypto trading.
Thus, institutional customers will deploy the features in phases. With access granted through Coinbase Prime, they will continue to scale the integration of the platform.
New resources for the crypto exchange?
The news is a boost for bitcoin, BlackRock and Coinbase alike. Indeed, if the asset management company is just taking advantage of the institutions’ enthusiasm for the crypto sector, the stakes are quite different for Coinbase. The crypto exchange has been struggling for a few weeks.
After losing its spot to Binance, the platform is facing serious charges from the SEC. As we know, regulators do not let go of their prey as soon as they have it in their talons. Ripple is the perfect example. While we expected to witness the decline of the crypto exchange, its association with BlackRock breathes new life into Coinbase.
In a time when cryptocurrencies are just beginning to swing green, attracting more institutional money could only benefit the platform. This could not only boost the crypto sector in general, but also open a recovery path for Coinbase.
BlackRock surprises investors. As Ethereum began to skyrocket, this pairing could rebalance the forces. Indeed, if bitcoin has experienced moments of weakness, it is ready to recover. However, the big winner in this story will undoubtedly be Coinbase. Between regulatory jolts, fierce competition and falling markets, the exchange is going through a tough time. However, everything could soon be back in place.
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