BlackRock and Coinbase to Give Users Direct Crypto Access
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BlackRock is looking for ways to make it easier for customers to access the crypto market.
BlackRock, a New York-based investment management company founded in 1988 is joining forces with Coinbase to give its users direct access to the digital asset market.
By ad Coinbase’s shared goal is to “provide Aladdin®, BlackRock’s end-to-end investment management platform, to institutional clients direct access to crypto, starting with BitcoinThrough the Coinbase Prime connection.”
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Using Coinbase Prime, Aladdin users able to use crypto trading, prime brokerage, custody and reporting services.
Coinbase Prime is designed forget the entire life cycle of events and use “advanced offices” such as trading, primary funding, data, staking, custody, investment infrastructure and reporting for nearly 300 crypto assets. It has been widely used by asset allocators, hedge funds, financial institutions and corporate treasuries.
BlackRock’s Global Head of Strategic Ecosystem Partnerships Joseph Chalom stated that their clients are gaining more and more interest in the digital asset market and looking for ways to safely manage the “lifetime of these assets.”
“This connectivity with Aladdin allows clients to manage their Bitcoin exposure directly within their existing portfolio management and trading workflows to view the entire portfolio of exposure across asset classes,” Chalom says.
In other news, Coinbase has faced several challenges recently. At the end of July, Coinbase’s former manager Ishan Wahi was prisoner due to accusations of bank fraud and bank fraud charges.
A few days after that, the US Securities and Exchange Commission opened an investigation into allegations that Coinbase allowed users to trade unregistered securities.
As a result of these legal allegations, Cathie Wood’s investment company Ark Invest is sold a total of over 1.4 million Coinbase shares.