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 wider adoption of cryptocurrencies by institutions.
BlackRock signs partnership with Coinbase to offer bitcoin-related services
According a tweet from Bitcoin Archive on August 4, “asset manager BlackRock offers bitcoin services to institutions“. It turns out that the largest asset manager in the world has signed a partnership with the Coinbase exchange. With this partnership, BlackRock will offer institutions bitcoin and other cryptocurrency trading and custody services through Coinbase Prime. Likewise, it is going to offer top notch brokerage and reporting services.
To facilitate transactions, the project aims to connect Coinbase Prime and Aladdin. Aladdin is a BlackRock 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 offer will be particularly focused on bitcoin (BTC) at the beginning.
That said, Coinbase Prime was developed for institutions. To do this, the platform has an advanced infrastructure to manage the entire transaction lifecycle related to crypto staking, trading and custody. It uses state-of-the-art tools in terms of compliance, security and insurance.
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 keen to get into the crypto market, in this case bitcoin. And connectivity between Aladdin and Coinbase Prime will satisfy these customers. It will offer them “a global view of risk across all asset classes”, for more effective investments.
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