Why Coinbase’s partnership with BlackRock could lead to more crypto adoption! This new partnership could become a new bridge that leads institutes to have more exposure and access to cryptocurrency, leading to adoption!
It was announced recently on their published blog post that crypto exchange Coinbase has formed a partnership with the world’s biggest asset manager, BlackRock. This new partnership will allow Coinbase to provide institutional clients of BlackRock’s investment management platform, Aladdin, direct access to crypto assets.
Today is an extremely exciting day for @coinbase. We are thrilled to announce our partnership with @blackrock, the world’s largest asset manager, which will enable BlackRock Aladdin clients to access crypto markets via Coinbase Prime.
— Brian Foster (@brian__foster) August 4, 2022
Through their blog, Coinbase explains that these clients from Aladdin will be able to have access to crypto trading, custody, prime brokerage and reporting capabilities, though the crypto trading will initially be limited to Bitcoin (BTC) at first.
Lead To More Crypto Adoption
This partnership announcement is massive for the crypto community as BlackRock is the world’s largest asset manager with $8.5 trillion in assets under management. Not to mention Aladdin, created and managed by BlackRock itself also serves around 300 other large asset managers.
With all these institutional clients in Aladdin being given direct exposure and access to cryptocurrency or Bitcoin specifically, this will definitely aid in becoming a bridge to help more institutes understand the world of cryptocurrency. With this, interest in crypto will surely also grow over time, leading to more adoption.
BlackRock is partnering with Coinbase to increase the institutional adoption of bitcoin.
It is not often that you live through the birth and scaling of a new multi-trillion dollar asset class.
— Pomp 🌪 (@APompliano) August 4, 2022
“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 said in a statement.
“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,” he added.
Coinbase’s president, Emilie Choi also expressed that this partnership with BlackRock will help in aiding institutes become familiar with cryptocurrency, stating: “BlackRock’s deep expertise in investment management technology, combined with Coinbase’s integrated and secure trading, custody and prime brokerage product suite will facilitate greater institutional access and transparency to digital asset investing,“