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BlackRock partners Coinbase to offer clients bitcoin

BlackRock partners Coinbase to offer clients bitcoin

BlackRock partners with Coinbase to offer clients bitcoin, and the news sent the crypto exchange platform’s shares up by 10% after initially rising by 40%.

BlackRock is one of the traditional institutes that have refused to have anything to do with cryptos over the years. And you cannot blame them because investors worldwide trust them with more than $8 trillion in assets; they had to be sure before placing a bet on crypto.

Its decision to trust Coinbase likely comes after months of analysis, but is it good timing? The crypto industry has been besieged with turmoil, and Coinbase itself has come under intense scrutiny after pausing hiring and some withdrawal issues. Yet, it remains the most trusted platform.

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The partnership involves BlackRock allowing its institutional investors to take advantage of Coinbase’s Prime offerings like crypto trading, custody, prime brokerage, and reporting capabilities. They will also be able to manage their bitcoin exposures directly in their existing BlackRock portfolio management and trading workflows.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” the global head of strategic ecosystem partnerships at BlackRock, Joseph Chalom, said.

With the resuscitation provided by the BlackRock partnership, Coinbase can begin its journey back to good health. CNBC reported that the company’s shares were still down overall by 70% for 2022.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.