Coinbase and asset manager BlackRock are partnering to provide BlackRock’s institutional clients with more direct crypto services.
Coinbase has announced a new partnership with asset manager BlackRock in an effort to offer the company’s clients more crypto services, including crypto trading, custody, prime brokerage, and reporting capabilities.
These new services will be provided through Coinbase Prime, the crypto exchange’s institutional prime broker platform for crypto assets. Coinbase reported in a press release Thursday that Coinbase Prime has over 13,000 institutional clients. BlackRock clients using the company’s end-to-end investment management platform called Aladdin will be connected to Coinbase Prime to tap into the new partnership’s offerings.
“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,” said Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, in an official news release. “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.”
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Aladdin clients must also be Coinbase users in order to access these services. The partnership between Coinbase and BlackRock comes as the asset manager is working to create new access points into the crypto industry.
The new services will roll out to interested clients in phases.
With the new partnership announcement, Coinbase shares were up 40% when the market opened Thursday morning. The crypto exchange’s stock price is $90.59 at the time of this reporting.
