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


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

Blackrock Selects Coinbase to Connect Aladdin Customers to Crypto

Coinbase’s institutional arm will help the world’s largest asset manager, Blackrock (NYSE: BLK ), provide Aladdin’s institutional clients with access to digital currencies. The company noted that Blackrock chose Coinbase because of the firm’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 Ersam.

Coinbase partners with world's largest asset manager Blackrock to give Aladdin customers access to cryptocurrencies

New York-based multinational investment management corporation Blackrock is one of the largest financial institutions in the world. Blackrock is handling an estimated $10 trillion in assets under management (AUM) recorded in 2021. Coinbase considers the partnership with Blackrock and Aladdin a “cornerstone” for the crypto asset company. The Aladdin Platform stands for Asset, Liability, Debt and Derivatives 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 deliver functionality in phases to interested customers,” Tejpaul and Tusar wrote Thursday. In mid-June, Rick Reeder, Chief Investment Officer (CIO) of Global Fixed Income at Blackrock, explained that cryptocurrencies such as Bitcoin (BTC) are long-dated assets. In April, Blackrock launched a blockchain exchange-traded fund, and that same month, Blackrock was announced as the “principal asset manager of USDC cash reserves.”

Blackrock Exec: “Institutional clients increasingly interested in gaining exposure to digital asset markets”

Joseph Chalom, global head of strategic ecosystem partnerships at Blackrock, noted that Blackrock’s clientele is gravitating toward digital currencies. “Our institutional clients are increasingly interested in exposure to digital asset markets and are focused on how to effectively manage the operational lifecycle of these assets,” Chalom said on Thursday. The Blackrock CEO added:

This connectivity with Aladdin will allow clients to manage their Bitcoin exposures directly within their existing portfolio management and trading workflows for a portfolio-wide view of risk across asset classes.

Following the announcement of a partnership between Coinbase and Blackrock, shares of COIN surged more than 16% during morning trading sessions on Thursday (EST). However, COIN’s value 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 investigation by the US Securities and Exchange Commission (SEC) announced on July 25 and the company’s recent European expansion. In mid-June, Coinbase also revealed that it had to cut 18% of the firm’s workforce to “ensure [Coinbase stays] healthy during this economic downturn,” according to company co-founder and CEO Brian Armstrong.

Tags 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, crypto assets, Cryptocurrencies, Digital currencies, Fred Ersam, Greg Toussard, Joseph Chalom, Rick Reeder, Stocks, USDC Cash Reserves

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

Jamie Redman

Jamie Redman is a Bitcoin.com News anchor and fintech journalist based 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 about the disruptive protocols emerging today.




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