Coinbase partners with BlackRock to add Bitcoin (BTC) to the list of assets backed by the Aladdin system, further evidence of Wall Street giants’ interest in cryptocurrencies. The news comes as Coinbase finds itself in a very difficult situation, and this could offer it a momentary breath of fresh air.
BlackRock is developing a partnership with Coinbase
Meeting at the top: black rockthe world’s largest asset manager, announces that it has selected Coinbase as a partner to develop cryptocurrencies with its institutional clients.
The giant BlackRock, which has crossed the $10 trillion in assets at the beginning of the yearwill allow your customers Leveraging Aladdin to get access to Bitcoin (BTC) via coinbasefirst, the Coinbase system is also intended for institutional investors.
Aladdin is a system ofartificial intelligence developed by the internationally recognized BlackRock that allows to face the volatility and uncertainties of the market through a continuous data analysis.
Specifically, Aladdin customers will be able to monitor your Bitcoin exposure together with its obligations and its actions, one more proof of the interest that bring traditional financial players to cryptocurrencies and more generally to new technologies.
According to Joseph ShalomDirector of Strategic Alliances at BlackRock, this is also the result of a growing customer demand from the asset manager:
“Our institutional clients increasingly want exposure to digital asset markets and are focused on how to effectively manage the operational life cycle of these assets. This connectivity with Aladdin will enable clients to manage their bitcoin exposures directly within their existing portfolio management and trading flows, for a holistic view of risk across asset classes. »
The news comes in the midst of a bear market, the outcome of which seems difficult to predict. The latter has also cost Coinbase dearly, which has been able to observe a reduction of 3/4 of its market capitalization since the beginning of this year. Already in June, the company had to part with a thousand of its employees in anticipation of the difficulties that lay ahead.
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Institutions to the rescue of the market
The Coinbase Prime service currently serves more than 13,000 clients made up exclusively of institutional investorsgiving them access to a wide range of services to support the entire trading life cycle, in particular by offering them an advanced trading system that offers asset custody, data, analytics and engagement service.
According to Coinbase, the institutions represented 3/4 of the platform’s trading volume during the first quarter of the yearincluding asset managers and corporate treasuries.
As for BlackRock, last April the company had already participated in a financing round of some 400 million dollars with Circle to evaluate the opportunities to use USDC in the capital marketsin addition to its role as liquidity manager.
Following the announcement of its partnership with BlackRock, Coinbase’s stock soaredabout 15%, at $92.66 at the beginning of the New York session.
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published by editions Larousse
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