BlackRock offers Bitcoin trading through Coinbase Prime
The world’s largest asset manager BlackRock is now offering its institutional clients the opportunity to trade Bitcoin. Trading the most popular cryptocurrency is made possible through a partnership with Coinbase Prime. Whether other cryptocurrencies will follow is not yet known.
Promising partnership: BlackRock & Coinbase
The announced partnership between BlackRock and Coinbase allows clients of BlackRock’s investment management platform “Aladdin” to trade Bitcoin via the institutional prime broker platform Coinbase Prime.
Coinbase released further details of its partnership with BlackRock in a blog post by Brett Tejpaul (Head of Coinbase Institutional) and Greg Tusar (Vice President, Institutional Product) on 4 August:
Today marks an exciting next step on our journey as we announce that Coinbase is partnering with BlackRock, the world’s largest asset manager, to provide institutional clients of Aladdin, BlackRock’s end-to-end investment management platform, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime. Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin’s Institutional client base who are also clients of Coinbase.
Aiming for wider adoption of cryptocurrencies
Coinbase describes the partnership as a “milestone for our firm”. The partnership is also aimed at furthering the adoption of cryptocurrencies by improving access and transparency to cryptocurrencies. This could also mean the expansion of trading in cryptocurrencies other than Bitcoin for BlackRock clients as a first step.
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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