Coinbase and Black Rock Collaboration!
8/4/2022, 05:31 PM
The recent announcement that BlackRock has tapped Coinbase to help provide crypto trading and custody to its institutional clients has sent shockwaves throughout the financial world. This move comes as interest in digital assets and cryptocurrencies continues to grow among institutional investors.
Coinbase, one of the leading cryptocurrency exchanges, will handle trading and custody services for Aladdin customers. For now, clients will have institutional exposure to bitcoin, while both parties will work together to introduce more functionalities to interested customers.
This news comes on the heels of BlackRock earlier stating plans to launch cryptocurrency trading services. Global Head of Strategic Ecosystem Partnerships at BlackRock, Joseph Chalom, said that there has been an increased interest in seeking digital assets exposure from the company’s institutional clients. Chalom stated that the firm currently holds over $8 trillion in assets under management.
Coinbase’s stock opened on Wednesday at $106 at 09:30 EST, just hours after the reveal. It peaked at $115 shortly after, before trickling into the mid-ninety dollar range. This follows a 20% jump for COIN on Wednesday, rising from the lower sixty dollar range it held at the start of the week.
If true, recent news would give such traders a right to be bearish. The crypto bear market has seen the stock plummet from its all-time highs, alongside multiple other crypto-focused firms. Coinbase was also recently slapped with an SEC investigation for allegedly listing unregistered securities.
Its stock plummeted 21% in response, after which Cathie Wood’s ARK Invest dumped the stock at an all-time low of $53. On top of that, Coinbase’s former employee was struck with the very first cryptocurrency insider trading charges last month. The suspect, Ishan Wahi, has since pleaded not guilty.
Coinbase, one of the leading cryptocurrency exchanges, will handle trading and custody services for Aladdin customers. For now, clients will have institutional exposure to bitcoin, while both parties will work together to introduce more functionalities to interested customers.
This news comes on the heels of BlackRock earlier stating plans to launch cryptocurrency trading services. Global Head of Strategic Ecosystem Partnerships at BlackRock, Joseph Chalom, said that there has been an increased interest in seeking digital assets exposure from the company’s institutional clients. Chalom stated that the firm currently holds over $8 trillion in assets under management.
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.- Joseph Chalom (Black Rock)
Coinbase’s stock opened on Wednesday at $106 at 09:30 EST, just hours after the reveal. It peaked at $115 shortly after, before trickling into the mid-ninety dollar range. This follows a 20% jump for COIN on Wednesday, rising from the lower sixty dollar range it held at the start of the week.
If true, recent news would give such traders a right to be bearish. The crypto bear market has seen the stock plummet from its all-time highs, alongside multiple other crypto-focused firms. Coinbase was also recently slapped with an SEC investigation for allegedly listing unregistered securities.
Its stock plummeted 21% in response, after which Cathie Wood’s ARK Invest dumped the stock at an all-time low of $53. On top of that, Coinbase’s former employee was struck with the very first cryptocurrency insider trading charges last month. The suspect, Ishan Wahi, has since pleaded not guilty.