BlackRock has partnered with Coinbase to promote cryptocurrencies to institutional investors

Coinbase has partnered with BlackRock to add Bitcoin (BTC) to the list of assets supported by the Aladdin system, further proof of the Wall Street giants’ interest in cryptocurrencies. The news comes as Coinbase finds itself in a very difficult situation, and it could give it a momentary breath of fresh air.

BlackRock is developing a partnership with Coinbase

Meeting above: BlackRockthe world’s largest asset manager, announced that it has chosen Coinbase as a partner in the development of cryptocurrencies with his institutional clients.

The giant BlackRock, which crossed the $10 trillion in assets at the start of the yearwill allow its customers exploiting Aladdin to gain access to Bitcoin (BTC) through Coinbase Prime, The Coinbase system is also intended for institutional investors.

Aladdin is a system ofartificial intelligence created by the internationally recognized BlackRock that makes it possible to deal with the volatility and uncertainty of the market through a continuous data analysis.

Specifically, Aladdin customers can monitor their Bitcoin exposure with their obligations and their actions, further proof of the interest that bringing traditional financial players to cryptocurrencies and more often with new technologies.

ACCORDING Joseph ShalomHead of Strategic Partnerships at BlackRock, this is also the result of a growing demand from customers to the asset manager:

“Our institutional clients increasingly want exposure to digital asset markets and are focused on how to effectively manage the operational life cycle of these assets. This connection with Aladdin will allow clients to manage their bitcoin exposures directly within their existing portfolio management and trading flows, for a holistic view of risk across all asset classes. »

The news comes in the middle of a bear market, the outcome of which seems difficult to predict. The latter is also worth a lot to Coinbase, which was able to observe a reducing 3/4 of its market capitalization since the beginning of this year. In June, the company had to part with a thousand of its employees in anticipation of the difficulties to come.

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Coinbase Prime service is now live more than 13,000 clients consisting only of institutional investorsgiving them access to a wide range of services to support the entire trading lifecycle, especially by offering them an advanced trading system that is an asset custody service, data, analysis and a staking offer.

According to Coinbase, the institutions account 3/4 of the platform’s trading volume in the first quarter of the yearincluding asset managers and corporate treasuries.

As for BlackRock, in April the company already participated in a round of financing of almost $400 million in Circle to explore the opportunities to use USDC in capital marketsin addition to his role as liquidity manager.

After announcing its partnership with BlackRock, Coinbase’s stock roseabout 15%, to $92.66 at the beginning of the session in New York.

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published in editions Larousse

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Source: Coinbase

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