Blackrock, which has $8trn in assets under management, has inked a deal with Coinbase, which called itself “the leading institutional prime broker platform for crypto assets, trusted by over 13,000 institutional clients.”
Under the partnership, the broker’s Coinbase Prime service will be added to Blackrock’s investment platform, which is called Aladdin. “Coinbase Prime will provide crypto trading, custody, prime brokerage and reporting capabilities to Aladdin’s institutional client base who are also clients of Coinbase,” Coinbase on 4 August.
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“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,” Joseph Chalom, global head of strategic ecosystem partnerships at Blackrock, stated in the announcement. “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.”
“Blackrock chose to partner with Coinbase because of its scale in the market” and service capabilities, Bloomberg . “The services will be available for clients of both companies.”
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A Linkedin search on Friday showed 28 current Blackrock employees in Luxembourg.
Coinbase shares closed 10% higher following the news on Thursday, CNBC.
Its stock had been down by more than 60% this year, Reuters , as investors have been dumping cryptocurrency due to geopolitical, inflation and interest rate worries. The company has $2bn worth of bonds on the Luxembourg Stock Exchange, half maturing in October 2028 and the other half maturing in October 2031.