Coinbase shares rose after the agreement between Coinbase and BlackRock.
Coinbaseshares, BlackRockwith corporate customers Bitcoin (BTC) rose after announcing a partnership that would allow it to buy Coinbase shares were up 25.2 percent on the day. After the news of the partnership was reported in the media, the share increased by about 40 percent.
Blackrock and Coinbase Partnership Target Institutional Clients
Asset management firm BlackRock has partnered with Coinbase to directly serve institutional investors looking to invest in cryptocurrencies. With the partnership, institutional clients of Aladdin, BlackRock’s investment management platform, will be able to benefit from crypto trading, custody and reporting services.
In this way Coinbase Primethrough , Aladdin Integrated trading solutions will be offered to institutional crypto investors. The companies stated that they will continue to improve the platform integration and gradually make the updated functions available.
Global head of strategic ecosystem partnerships at BlackRock Joseph Chalomsaid about the partnership:
“The connection of Aladdin to Coinbase Prime will allow clients to directly manage their Bitcoin exposures in their existing portfolio management and trading workflows for a complete portfolio view across asset classes”
