BlackRock, the world’s biggest asset manager, has formed a partnership with publicly traded crypto exchange Coinbase to make crypto directly available to institutional investors.
Mutual customers of Coinbase and BlackRock’s investment management platform, Aladdin®, will have access to crypto trading, custody, prime brokerage and reporting capabilities, according to a blog post Thursday.
BlackRock had $8.5 trillion in assets under management as of the second quarter of 2022, while Aladdin has more than 200 institutional users, including insurers, pensions, corporations, asset managers, banks and official institutions, according to a Thursday note from Oppenheimer.
Shares of Coinbase, which have declined sharply amidst the rout in crypto prices, jumped on the news, while those of BlackRock were up slightly to $693.11.
Read more: CoinDesk
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