The world’s most prominent financial asset management organisation is investing heavily in digital assets, starting with Bitcoin.
According to a blog post published on Thursday, cryptocurrency exchange Coinbase has partnered with BlackRock, the world’s most effective asset management, to provide its customers direct access to cryptocurrencies, beginning with Bitcoin (BTC). Users of BlackRock’s institutional investment management platform Aladdin will have access to crypto trading, custody, prime brokerage, and reporting if they join up for Coinbase Prime.
Coinbase Prime is an institutional trading solution that offers trading, custody, prime finance, staking, data, and reporting services on more than three hundred digital assets. This service caters to hedge funds, asset allocators, financial institutions, and corporate treasuries. More than 13,000 customers utilise Coinbase Prime.
Joseph Chalom, global head of strategic ecosystem relationships at BlackRock, remarked on the development.
Institutional investors may use Coinbase Prime through a user interface or as an integrated platform via APIs to provide crypto-related products like ETFs, custody solutions, and brokerage services. Coinbase Custody Trust Company, the custodian for Coinbase Prime, is regulated by the New York Department of Financial Services.
Coinbase has recently had several regulatory challenges. A former Coinbase manager was detained by U.S. officials last month on suspicion of insider trading. According to a recent article by Cointelegraph, the former manager has subsequently entered a not guilty plea. The U.S. Securities and Exchange Commission is investigating whether Coinbase permitted customers to trade unregistered securities.
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