BlackRock partners with Coinbase, shares rise nearly 40% in two days

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According to a statement on Tuesday and Thursday, BlackRock’s major clients can use Aladdinin’s investment management system to monitor their exposure to Bitcoin and other portfolio assets such as stocks and bonds, facilitating financing and trading on the exchange. Coinbase. BlackRock said the partnership with Coinbase, the largest cryptocurrency trading platform in the US, will initially focus on Bitcoin.

The move underscores how major financial players on Wall Street continue to expand into cryptocurrencies and related technologies even after these assets plummeted this year. Bitcoin lost nearly half its value in 2022, as the collapse of the Earth and Three Arrows Capital ecosystem raised questions about the resilience of the market and triggered greater regulatory scrutiny.

This news is good for Coinbase faces an investigation by the US Securities and Exchange Commission into whether the company allowed Americans to trade digital assets that should have been registered as securities. BlackRock chose to partner with Coinbase because of its size in the market and its role in providing world-class trading, custody, brokerage and information capabilities. The services will be available to customers of both companies.

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“Our institutional clients are increasingly interested in engaging with digital asset markets and are focused on how to effectively manage the operational lifecycle of these assets,” added Joseph Chalom, Global Head of Strategic Partnerships at Digital Ecosystem. Assets, in the press release.

The Coinbase partnership between BlackRock and Aladdin is an exciting milestone for our company, said Brett Tejpaul, Head of Coinbase Institutional, and Greg Tusar, Vice President of Institutional Products. We are committed to advancing the industry and creating new hotspots as the institutional adoption of cryptocurrencies continues to accelerate at a rapid pace.

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For BlackRock, this partnership is the next step in a broader strategy to expand into digital assets. Its CEO, Larry Fink, said in March that the company was exploring the growing importance of digital assets and stablecoins and how they can be used to help customers. The next month, the company joined a group of investors from Circle Internet Financial, the issuer of USD Coin, and said it would seek to act as the lead manager of the stablecoin’s cash reserves.

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