BlackRock and Coinbase partner on institutional crypto investment

BlackRock has partnered with Coinbase to make crypto directly available to institutional investors.

Customers of both BlackRock and Coinbase’s investment management platform, Aladdin, will be granted access to prime brokerage and reporting capabilities alongside crypto trading and custody, according to a blog post today.

The access will be available through Coinbase Prime, an trading platform for institutional crypto investors providing a secure place to manage crypto assets.

Both companies will “continue to progress the platform integration and will roll out functionality in phases to interested clients,” the blog post said.

BlackRock‘s global head of strategic ecosystem partnerships Joseph Chalom said: “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.

“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.”

The integration follows four months after BlackRock‘s CEO Larry Fink announced he would explore ways for the world’s largest asset manager to offer digital assets to its clients.

The joint venture will help Coinbase pick itself up after a hard year amid decreasing crypto prices during the global crypto crash.

Coinbase president Emilie Choi said: “BlackRock’s deep expertise in investment management technology, combined with Coinbase’s integrated and secure trading, custody and prime brokerage product suite will facilitate greater institutional access and transparency to digital asset investing.”

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Updated: 08/04/2022 — 16:00