Blackrock, the world’s largest asset manager landed in partnership with Coinbase Global amid the ongoing uncertainty in the crypto industry. This deal will create a new gateway for institutional crypto investors.
Coinbase to power BlackRock clients
According to the blog, Blackrock’s clients who already own digital assets on Coinbase can now access Aladdin, which is an asset management suite. This will help the users to manage their portfolios and see through risk analysis over their investment decisions.
It added that Aladdin, BlackRock clients will get direct access to crypto, however, this will start from Bitcoin (BTC). The users will be connected under Coinbase prime services. This will include trading, custody, prime brokerage and reporting capabilities.
Coinbase mentioned that its client’s list comprises hedge funds, asset allocators, corporate treasuries, financial institutions and other major institutions.
Joseph Chalom, Head of Strategic ecosystem at BlackRock, said that their institutional clients’ interest in the digital assets market is on a surge. The firm is focused on efficiently managing these assets. This partnership will allow clients to manage their Bitcoin holdings directly.
BlackRock’s Aladdin is home to over $17 trillion in assets under management with more than 200 unique clients. It holds a presence in over 50 countries.
Crypto exchange under legal radar
However, this big development has amid the big SEC’s claim of insider trading and listing of tokens on Coinbase. A couple of months proved to be rough for the crypto exchange. A sword of federal regulation is constantly hanging over Coinbase.
In the meantime, Coinbase’s stock prices plummeted in reaction to the lawsuit. However, its prices recovered from the recent dump as it is trading at an average price of $110.6, at the press time. Stock prices have surged by over around 100% over the past month.
Recently, the Crypto exchange as the US Court to transfer the two filed lawsuits to arbitration.