In response to the growing interest of sophisticated investors in digital assets, the world’s largest money manager, BlackRock has secured a new partnership with Coinbase Global Inc., to make it easier for institutional investors to trade and manage their Bitcoin.
As the biggest investors are increasingly looking to invest in digital assets, you should not be left behind, and your choice of crypto investment is highly important for your portfolio management.
Join our ParadiseFamilyVIP to position yourself in a space that will let experts guide your portfolio with little or no effort required from you, our Paradise Team makes daily analyses of Bitcoin, and other trending altcoins on Binance (Spot&Futures), Kucoin, and Bybit exchanges, the Paradise Team is watching the market 24/7, and we make daily adjustments to our trading strategies to make sure it conforms with the recent market conditions.
Use PRO20% for your special 20% discount today as the promo expires soon. Click here to see reviews.
Coinbase Stock Surged After BlackRock Partnership
It was a bit of relief for the sinking US largest cryptocurrency exchange, Coinbase, as its stock jumps following the announcement of a new partnership with the world’s largest money manager, BlackRock.
This year alone, Coinbase has lost two third of its value, in May alone, as earlier reported by MyCryptoParadise, Coinbase lost a significant part of its value due to the then crypto crash.
Following the partnership with BlackRock, Coinbase’s ability to keep its head above the water gained some level of confidence as it surged by 15% to $92.6 per Share on Thursday.
According to a statement on Thursday, top BlackRock customers will be able to use its Aladdin investment management system to oversee their exposure to Bitcoin and also to facilitate financing and trading on Coinbase exchange.
The BlackRock-Coinbase coalition heightens the involvement of Wall Street’s traditional financial players in digital assets, this partnership happens amid several constraints, the digital assets market has been plunging since the beginning of this year, also, Coinbase has been facing a probe by the US Securities and Exchange Commission on whether it allows US citizens to trade unregistered digital assets.
Amid the constraints, BlackRock’s move to partner with Coinbase is to leverage the popularity of the crypto exchange among the crypto enthusiasts in the US.
“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,” Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said in a statement.
He added that the partnership will let them “manage their bitcoin exposures directly in their existing portfolio management and trading workflows.”
As of now, the regulatory risk from the partnership is quite minimal as it is only restricted to Bitcoin.
In May, Coinbase announced that institutional investors are responsible for nearly three-quarters of its $309 million in trading volume of the exchange in the first quarter of this year.
Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.