According to a new blog post published Thursday, Cryptocurrency exchange Coinbase said it is partnering with BlackRock, the world’s largest financial asset manager, to provide its customers with direct access to cryptocurrencies, starting with Bitcoin (BTC). Users of Aladdin, BlackRock’s institutional investment management platform, will receive top-tier cryptocurrency trading, custody, brokerage and reporting capabilities if they also choose to enroll in Coinbase Prime.
Coinbase Prime is an institutional trading solution that offers trading, custody, funding, staking, data, and reporting services on over 300 digital assets. The service is tailored to entities such as hedge funds, asset allocators, financial institutions, and corporate treasuries. More than 13,000 customers currently use Coinbase Prime.
We are proud to announce a partnership with @BlackRock. BlackRock’s Aladdin clients will now have direct access to crypto markets through Coinbase Prime.
Read more https://t.co/LA3XeYYbvs
— Coinbase (@coinbase) August 4, 2022
Speaking of the event, BlackRock’s Global Head of Strategic Ecosystem Partnerships, Joseph Chalom, commented:
“This connectivity with Aladdin will enable clients to manage their Bitcoin exposures directly within their existing trading and portfolio management workflows to gain a view of the entire portfolio of risk across all asset classes.”
Institutional investors can access Coinbase Prime directly through a user interface or as an integrated platform through APIs to offer cryptocurrency-related products such as ETFs, custody solutions, or brokerage services. Coinbase Prime’s custodian, Coinbase Custody Trust Company, is regulated by the New York Department of Financial Services.
Coinbase has had a number of regulatory conflicts recently. Last month, US authorities arrested a former Coinbase manager on insider trading allegations. As we told you before, the former executive has pleaded not guilty. Meanwhile, the United States Securities and Exchange Commission is also reportedly investigating whether Coinbase allowed users to invest in unregistered securities.
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