Coinbase shares rose after the agreement between Coinbase and BlackRock.
Shares of Coinbase rose after announcing a partnership with BlackRock that will allow its institutional customers to buy Bitcoin (BTC). Coinbase shares were up 25.2 percent on the day. After the news of the partnership was reported in the media, the share increased by about 40 percent.
Blackrock and Coinbase Partnership Target Institutional Clients
Asset management firm BlackRock has partnered with Coinbase to directly serve institutional investors looking to invest in cryptocurrencies. With the partnership, institutional clients of Aladdin, BlackRock’s investment management platform, will be able to benefit from crypto trading, custody and reporting services.
This will provide integrated trading solutions to Aladdin institutional crypto investors through Coinbase Prime. The companies stated that they will continue to improve the platform integration and gradually make the updated functions available.
Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said:
“The connection of Aladdin to Coinbase Prime will allow clients to directly manage their Bitcoin exposures in their existing portfolio management and trading workflows for a complete portfolio view across asset classes”
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