Coinbase Partners With World’s Largest Asset Manager Blackrock To Give Aladdin Clients Access To Cryptocurrencies – Bitcoin News

On August 4, Coinbase Institutional Chief Brett Tejpaul and Vice President of Institutional Product Greg Tusar announced that Coinbase has been selected by financial giant Blackrock to provide the company’s Aladdin platform with access to cryptocurrencies.

Blackrock chooses Coinbase to connect Aladdin customers to Crypto

Coinbase’s institutional arm will help the world’s largest wealth manager, Blackrock (NYSE: BLK), provide Aladdin’s institutional clients with access to digital currencies. The company noted that Blackrock chose Coinbase for the company’s “scale, experience, and integrated product offering.” Publicly traded company Coinbase (Nasdaq: COIN) has a long history in the crypto space since it was founded in 2012 by Brian Armstrong and Fred Ehrsam.

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

New York-based investment management multinational Blackrock is one of the largest financial institutions in the world. Blackrock handles approximately $ 10 trillion in assets under management (AUM) registered in 2021. Coinbase sees the partnership with Blackrock and Aladdin as a “milestone” for the cryptocurrency firm. The Aladdin platform stands for Asset, Liability, Debt and Derivative Investment Network and is an investment management and trading platform designed specifically for Blackrock’s institutional clients.

“Blackrock and Coinbase will continue to advance platform integration and launch phased features for affected customers,” Tejpaul and Tusar wrote on Thursday. In mid-June, Rick Rieder, chief investment officer (CIO) of Blackrock’s global fixed income, explained that cryptocurrencies like bitcoin (BTC) are durable goods. In April, Blackrock launched a blockchain exchange-traded fund and the same month Blackrock was named “a primary asset manager of USDC cash reserves.”

Blackrock Exec: “Institutional Clients Are Increasingly Interested in Gaining Exposure to Digital Asset Markets”

Joseph Chalom, the global head of strategic partnerships for the Blackrock ecosystem, noted that Blackrock’s clientele gravitated towards digital currencies. “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said Chalom on Thursday. The Blackrock executive added:

This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly into existing portfolio management and trading workflows for a full portfolio view of risk across asset classes.

Following the announcement of the partnership between Coinbase and Blackrock, COIN shares were up more than 16% during Thursday morning (EST) trading sessions. However, COIN is down 72.46% from the stock’s all-time high. Additionally, in late June, Goldman Sachs downgraded COIN to a sell rating.

The news follows the alleged U.S. Securities and Exchange Commission (SEC) investigation reported on July 25 and the company’s recent European expansion. In mid-June, Coinbase also revealed it needed to reduce the company’s workforce by 18% to “secure [Coinbase stays] healthy during this economic downturn, ”according to company co-founder and CEO Brian Armstrong.

Tag in this story

Aladdin, Aladdin Platform, asset manager, AUM, Blackrock, Blackrock Coinbase, BLK, Brett Tejpaul, Brian Armstrong, COIN, Coinbase, Coinbase Blackrock, coinbase exchange, Coinbase Institutional, cryptocurrencies, Cryptocurrencies, Digital Currencies, Fred Ehrsam, Greg Tusar, Joseph Chalom, Rick Rieder, equities, USDC cash reserves

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

Jamie Redman

Jamie Redman is the News Lead of Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.




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