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Coinbase Partners With World’s Largest Asset Manager Blackrock to Give Aladdin Clients Access to Cryptocurrencies

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On August 4, Coinbase Institutional head Brett Tapol and vice president of institutional products Greg Tusar announced that financial giant Blackrock had chosen Coinbase to provide the firm’s Aladdin platform with access to cryptocurrencies.

Blackrock Chooses Coinbase to Connect Aladdin Clients to Cryptocurrency

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Coinbase’s institutional arm will help the world’s largest asset manager Blackrock (NYSE: BLACK), provide Aladdin institutional clients with access to digital currencies. The company noted that Blackrock chose Coinbase because of its “scale, experience, and comprehensive product offering.” public company Coinbase (Nasdaq: COIN) has a long history in the crypto space since its founding in 2012 by Brian Armstrong and Fred Ehrsam.

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Coinbase Partners With World's Largest Asset Manager Blackrock To Give Aladdin Clients Access To Cryptocurrencies

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Multinational investment management corporation headquartered in New York. Blackrock one of the biggest financial institutions around the world. Blackrock deals with roughly 10 trillion dollars in assets under management (AUM) registered in 2021. Coinbase considers the partnership with Blackrock and Aladdin a “milestone” for the crypto asset company. The Aladdin platform stands for “Assets, Liabilities, Debts and Derivative Investments Network” and is an investment management and trading platform designed specifically for Blackrock institutional clients.

“Blackrock and Coinbase will continue to integrate the platform and roll out functionality in a phased manner to interested clients,” Tapol and Tusar wrote on Thursday. In mid-June, Rick Reader, Chief Investment Officer (CIO) of Global Fixed Income at Blackrock, explained that cryptocurrencies such as Bitcoin (BTC) are non-expendable assets. In April, Blackrock launched a blockchain exchange-traded fund, and in the same month, Blackrock was named the “Primary Asset Manager of USDC Cash Reserves.”

Blackrock Exec: “Institutional clients are increasingly interested in entering digital asset markets”

Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at Blackrock, noted that Blackrock’s clientele gravitates toward digital currencies. “Our institutional clients are increasingly interested in entering the digital asset markets and are focused on how to effectively manage the operational lifecycle of these assets,” Chalom said on Thursday. Blackrock CEO added:

This connection to Aladdin will allow clients to manage their bitcoin risk directly within existing portfolio management and trading workflows to gain a complete view of portfolio risk across asset classes.

Following the announcement of the Coinbase-Blackrock partnership, COIN stock rose over 16% during Thursday morning (EST) trading sessions. However, COIN fell72.46% in value from the historical high of the share price. Moreover, at the end of June, Goldman Sachs downgraded COIN to a sell rating.

The news follows an alleged U.S. Securities and Exchange Commission (SEC) investigation of July 25 and the company’s recent expansion in Europe. In mid-June, Coinbase also revealed that it had to lay off 18% of the firm’s workforce in order to “provide [Coinbase stays] healthy during this economic downturn,” said co-founder and CEO Brian Armstrong.

What do you think about Coinbase’s partnership with Blackrock and integration with the Aladdin platform? Let us know your thoughts on this in the comments section below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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