BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade cryptocurrencies, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
The deal will allow BlackRock clients to access real-time information about their holdings through a partnership with the San Francisco-based exchange, which also owns GDAX, one of the world’s largest digital currency exchanges. The companies hope to attract more institutional investors such as pension funds into cryptocurrencies like Bitcoin after 2020 when they can no longer use existing tax advantages they have on traditional investments known as “Roth IRAs” or retirement accounts that allow them to defer taxes until the money is withdrawn during retirement years…
BlackRock Teams Up With Coinbase
The world’s biggest asset manager is partnering with one of the world’s leading cryptocurrency exchanges to provide BlackRock clients access to bitcoin and other digital assets.
BlackRock Inc. is partnering with Coinbase Global Inc., a subsidiary of U.S.-based cryptocurrency exchange Coinbase Inc., according to a statement from the two companies Friday. The deal will allow BlackRock clients access to Coinbase markets for trading and custody services for digital currencies such as Bitcoin, Ethereum and XRP, as well as new investments like ether futures contracts on Chicago Board Options Exchange (CBOE), according to Bloomberg News.
Partnership allows BlackRock clients to manage crypto assets
The partnership will allow BlackRock clients to more easily manage their crypto assets. Coinbase, on the other hand, is a US-based cryptocurrency exchange that facilitates the buying and selling of digital currencies like Bitcoin. The company has been making headlines recently due to its massive growth as well as its entrance into the stablecoin market after launching USD Coin (USDC) earlier this year.
Deal opens investment world’s biggest asset manager to Bitcoin
The partnership between BlackRock and Coinbase, which provides a platform for trading digital currencies, will allow clients to have a single interface to interact with all their crypto assets.
“We are excited about the potential of digital currencies and we see it as an important emerging asset class for our clients,” Larry Fink, CEO of BlackRock Inc., said in a statement Monday. “We will continue to evaluate the market as it evolves over time.”
The deal opens up BlackRock’s universe of more than $6 trillion in client money by offering a way for big investors to buy Bitcoin without holding on to it themselves or using an untested exchange like Gemini Trust Co., which operates under New York banking laws that require strict rules on how many coins can be held at any one time. The arrangement also serves as an endorsement from one of Wall Street’s most influential firms that may help convince other institutions that cryptocurrencies are worth investigating further amid concerns over cybersecurity and regulatory requirements around holding them directly—not just investing in funds that hold them indirectly through derivatives contracts involving U.S.-dollar-denominated futures contracts traded on exchanges like Cboe Global Markets Inc.’s CBOE Futures Exchange (CFE), where shares rose 1% Monday morning after news broke late Sunday night about what was then called “Project COIN” between Coinbase and BlackRock coming together.”
BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
The partnership includes Coinbase Custody, a service that provides secure storage of digital assets; Coinbase Markets, which operates an institutional trading platform; and Coinbase Prime, which offers professional-grade tools for trading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and more than 100 other digital coins on multiple global exchanges.
We are happy to see BlackRock Inc. joining forces with Coinbase Global Inc. and offering a service that will help customers manage their crypto assets. This is a big step for both companies, as well as for the cryptocurrency market in general, which has been struggling recently due to falling prices and negative news from governments around the world.
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