Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Coinbase And BlackRock Agree On Landmark Deal To Bolster Crypto Adoption

By The Tokenist (Timothy Fries )CryptocurrencyAug 05, 2022 03:24PM ET
www.investing.com/analysis/coinbase-and-blackrock-agree-on-landmark-deal-to-bolster-crypto-adoption-200628109
Coinbase And BlackRock Agree On Landmark Deal To Bolster Crypto Adoption
By The Tokenist (Timothy Fries )   |  Aug 05, 2022 03:24PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Crypto exchange Coinbase (NASDAQ:COIN) and asset management giant BlackRock (NYSE:BLK) agreed on a landmark deal to provide crypto services to institutional investors.

According to Coinbase’s blog post, the digital assets exchange and BlackRock are set to establish new access points to support crypto adoption among institutional investors.

Coinbase Prime And BlackRock’s Aladdin Join Forces

Under the terms of the deal, joint customers of Coinbase Prime and Aladdin—BlackRock’s investment management platform—will gain access to crypto trading, prime brokerage and reporting features. Joseph Chalom, BlackRock's global head of strategic ecosystem partnerships, said:

“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. This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”

The deal will initially apply only to Bitcoin, said a BlackRock spokesperson. She added that the two companies will expand to other cryptocurrencies based on the client demand.

Coinbase Prime is a global prime broker platform for digital assets used by more than 13,000 institutional investors. The platform was designed specifically for institutions’ needs and allows trade execution services for 200 assets, custody services for more than 300 assets, prime financing, data and analytics, reporting, and more.

A Major Boost For Crypto In A Year To Forget

The deal was announced just months after BlackRock CEO LarryFink said Russia’s invasion of Ukraine could boost crypto adoption among central banks. He described this as a “less discussed” outcome of the ongoing war, which “will prompt countries to re-evaluate their currency dependencies,” he said.

“Even before the war, several governments were looking to play a more active role in digital currencies and define the regulatory frameworks under which they operate.”

he added.

The partnership comes amid a very challenging year for the crypto industry, with most of the cryptocurrencies standing down at multi-year lows due to record-high inflation and hawkish monetary policy by global central banks. Several major crypto firms have declared bankruptcy due to the market drawdown, including Celsius Network and Voyager Digital.

Coinbase itself also faced significant headwinds this year, including insider-trading allegations against its former employees. The crypto exchange made multiple changes to its token listing procedure earlier this year to address this problem.

Coinbase And BlackRock Agree On Landmark Deal To Bolster Crypto Adoption
 

Related Articles

ValueWalk
Where Is The Crypto Market Heading? By ValueWalk - Aug 17, 2022

The recent crypto market plunge and the subsequent bear market have made many investors very skeptical of its long-term outlook and growth opportunities. However, Aaro Capital’s...

Ruholamin Haqshanas
Why SHIB And DOGE Are Surging By Ruholamin Haqshanas  - Aug 17, 2022

Popular dog-themed cryptocurrencies Dogecoin and Shiba Inu have surged over the past week mainly due to the chatter around their layer 2 solutions. The L2 solutions for Dogecoin...

Coinbase And BlackRock Agree On Landmark Deal To Bolster Crypto Adoption

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email