Coinbase and BlackRock to Give Institutional Investors Greater Access to Crypto
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Coinbase and BlackRock to Give Institutional Investors Greater Access to Crypto

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1 year ago

"Our institutional clients are increasingly interested in gaining exposure to digital asset markets," BlackRock says.

Coinbase and BlackRock to Give Institutional Investors Greater Access to Crypto

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Coinbase and BlackRock have teamed up to give institutional investors greater access to cryptocurrencies.

It's a significant partnership, not least because BlackRock is one of the biggest asset management firms in the world.

Major BlackRock clients who use the Aladdin investment management platform will be able to get direct access to crypto through a connection to Coinbase Prime, which provides trading and custodial services.

Bitcoin will be initially available, but other digital assets could be rolled out in the future. 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."

There's a firm belief among some Bitcoiners that increasing institutional adoption could ramp up demand for BTC, and subsequently push up prices.

The news helped the world's biggest cryptocurrency head back above $23,000 on Friday — hitting highs of $23,354.13.

And Coinbase's share price got an even bigger shot in the arm — racing to $106 in intraday trading on Thursday.

The stock, which has struggled during the crypto downturn, has risen by 47% over the past five days.

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