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On Thursday, August 4th, 2022, the leading crypto exchange Coinbase announced partnership with BlackRock. Following the announcement of a deal between Coinbase and Blackrock, share price of crypto exchange saw significant jump. The deal came in the wake of BlockRock’s efforts to offer their institutional clients to buy the top cryptocurrency Bitcoin (BTC).
BlackRock’s offering of bitcoin (BTC) will be available as their Prime offering. The company has a portfolio management platform specifically for institutional investors named Aladdin and it is likely to avail this service. Coinbase will be helping the asset management firm with the crypto trading, custody reporting and prime brokerages like services.
BlackRock Strategic Ecosystem Partnership Global Head – Joseph Chalom – said that the asset manager experienced heavy demand from their institutional clients for such offerings. This was given their growing interest towards crypto markets along with the anticipation to manage assets from the popular asset class. Coinbase and Blackrock partnership would let the institutional clients of asset management firms manage their exposures to bitcoin alongside their current workflows of portfolio management and trading, he added.
Just after the announcement, Coinbase share price experienced gains. The share price rose by approx 10% just in a day. This instance proves the significance of the deal for Coinbase. It’s also noteworthy that Blockchain is known to be the world’ largest asset management firm. The firm holds over 8 trillion USD worth assets under management (AUM).
However it is also worth noting that COIN share price experienced tremble for quite a long time. Experts and analysts are also unaware of the reason. Prior to the notable jump in a day, the shares were down by almost 70% for this year, before the market closed on Wednesday.
Given the rising interest of people belonging to institutional investment class would come as a chance for crypto space. Considering the recent lows and crypto winter, the crypto industry was somewhat losing charm. However, such an interested community towards crypto would spark the lost fire in the market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
