BlackRock, the world’s largest asset manager, is to provide cryptocurrency access to institutional clients of its investment management platform Aladdin. The solution is enabled by integrating with Coinbase to provide crypto trading starting with Bitcoin. Additionally the Coinbase Prime platform will provide custody, prime brokerage and reporting. It is available to clients that are also customers of Coinbase Prime.
“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,” said Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock. “This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”
Coinbase’s custody is provided by Coinbase Custody Trust Company which is registered as a fiduciary under New York state banking law.
The crypto firm’s stock price reached an intraday high of $116 after closing at 80.81 yesterday. The stock is currently trading around $94 compared to Monday morning’s opening of $61.
Meanwhile BlackRock has gradually been increasing its activities in both the cryptocurrency and blockchain sectors. In April it launched an iShares Blockchain and Tech ETF and funds managed by BlackRock invested in the FTX crypto exchange. It also invested in stablecoin issuer Circle to explore using USDC for capital markets applications.