Coinbase shares have soared past 35% after the exchange announced its newest partnership with asset management firm BlackRock
At press time, Coinbase’s native token is up 17% sitting at $93.18 after touching an ATH of $105 earlier today.
Earlier today Coinbase announced its newest partnership with one of the leading asset management firms BlackRock to provide seamless crypto services to its institutional clients.
The news has positively impacted the Coinbase native token COIN which is up 17% and is sitting at $93.18 at press time. The coin jumped as high as 35% earlier today marking a positive outlook of investors toward Coinbase’s new deal with BlackRock
Coinbase Shares Soar Past 35% After The Exchange Announced Its Deal With Asset Manager Blackrock
According to the official blog post published today, Coinbase announced that it will connect with the institutional clients of Aladdin, an electronic system built by BlackRock, to offer direct access to crypto beginning with Bitcoin through Coinbase Prime.
“Today marks an exciting next step on our journey as we announce that Coinbase is partnering with BlackRock, the world’s largest asset manager, to provide institutional clients of Aladdin®, BlackRock’s end-to-end investment management platform, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime.” The blog added.
Through Coinbase Prime, the exchange will permit Aladdin users to experience unhindered crypto services including crypto trading, custody, prime brokerage, and reporting capabilities.
The news of Coinbase inking a partnership with BlackRock has brought some respite to its native token COIN, which is up 17% at the time of publishing. Earlier the token had suffered through massive upheavals owing to factors such as the overall cryptocurrency market crash and recession.
In between the usual market tribulations, the exchange was also briefly embroiled in bankruptcy rumors that had impacted the price of its native token $COIN. In addition to this, two of the exchange’s employees were also charged with accusations of insider trading, further impacting the overall value and price of its native token.
As of now, Coinbase’s COIN is soaring past 35% and had earlier gone as high as 40% touching an ATH of $106.
Coinbase’s partnership with BlackRock is significant in many ways as it helps the exchange expand its service portfolio by reaching new audiences.
“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,” said Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock. “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 blog later adds.
BlackRock’s Asset, Liability, and Debt and Derivative Investment Network, popularly known as Aladdin, is globally acclaimed for delivering exceptional financial services by connecting investors to financial markets. The software is extensively used by asset managers, bankers, and corporations.
Per the BlackRock website, the software “integrates and connects functions that help manage money. From portfolio management and trading to compliance, operations, and risk oversight, Aladdin brings together people, processes, and systems to help support a seamless investment process.”