Coinbase and BlackRock are working together to grow the cryptocurrency industry.
Buy and sell cryptocurrency BlackRock, which is the biggest asset manager in the world, is now a part of the cryptocurrency market thanks to a new agreement between the cryptocurrency exchange Coinbase and BlackRock. With this deal, Coinbase’s institutional customers will be able to buy Bitcoin.
After the cryptocurrency exchange said they would work together, shares of Coinbase went through the roof. This gave the cryptocurrency trading site some comfort.
Top clients of BlackRock will be able to use the Aladdin investment management system to manage their exposure to Bitcoin and other portfolio assets like stocks and bonds, as well as to help finance and trade on Coinbase’s exchange. BlackRock will be able to do this because it can manage Bitcoin along with other portfolio assets. Coinbase will be able to help people buy and sell cryptocurrencies and offer custody, prime brokerage, and reporting services.
Because of this partnership, the big financial players on Wall Street are likely to be more interested in cryptocurrency and related technologies.