According to a new blog post published on Thursday, cryptocurrency exchange Coinbase said it is partnering with BlackRock, the world’s largest financial asset manager, to provide customers with direct access to crypto. , starting with Bitcoin (BTC). Users of BlackRock’s institutional investment management platform, Aladdin, will benefit from crypto trading, custody, prime brokerage, and reporting capabilities if they also choose to sign up for Coinbase Prime.
Coinbase Prime is an institutional trading solution that provides trading, custody, principal funding, staking, data and reporting services on over 300 digital assets. The service is suitable for entities such as hedge funds, asset allocators, financial institutions and corporate treasuries. Over 13,000 customers use Coinbase Prime.
We are proud to announce a partnership with @Black rock. BlackRock’s Aladdin customers will now have direct access to crypto markets through Coinbase Prime.
Read more https://t.co/LA3XeYYbvs
—Coinbase (@coinbase) August 4, 2022
On development, BlackRock’s Global Head of Ecosystem Strategic Partnerships, Joseph Chalom commented:
“This connectivity with Aladdin will allow clients to manage their Bitcoin exposures directly within their existing portfolio management and trading workflows for a holistic view of risk across all asset classes.”
Institutional investors can access Coinbase Prime directly through a user interface or as an integrated platform through APIs to offer crypto-related products such as exchange-traded funds, custodial solutions, or brokerage services. Coinbase Prime’s custodian, Coinbase Custody Trust Company, is regulated by the New York Department of Financial Services.
Coinbase has had a series of regulatory disputes lately. Last month, US authorities arrested former Coinbase official on allegations of insider trading. As Cointelegraph recently reported, the former manager has since pleaded not guilty. Meanwhile, the United States Securities and Exchange Commission is also would have examined whether Coinbase allowed users to trade unregistered securities.