Crypto

“BlackRock” Uses Coinbase for Institutional Custody Services

The institutional investors of BlackRock will have access over the cryptocurrencies using Coinbase Prime

The largest asset manager in the world “BlackRock” is having a partnership with the US crypto exchange giant Coinbase. This partnership will offer digital asset exposure to institutional clients.

Thursday August 4, 2022, Coinbase announced the collaboration in a blog post. And the statement states that the BlackRock’s investment management platform Aladdin institutional clients (Asset, Liability, Debt, and Derivative Investment Network) will have full access to crypto using Coinbase Prime.

Joseph Chalom, the Global Head of Strategic Ecosystem Partnerships at BlackRock, said that they witnessed an increased interest in seeking digital assets exposure from the company’s institutional clients. He also added:

“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.”

For now, the Coinbase Prime will be responsible for trading as well as custody services for the customers of Aladdin. The clients, however, will have direct institutional exposure to the leading cryptocurrency Bitcoin (BTC), while both parties will be working together o introduce more functionalities to interested customers.

As CryptoPotato has previously mentioned, BlackRock has also revealed plans to launch cryptocurrency trading services.

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