BlackRock to Offer Crypto for Institutional Investors via Coinbase Prime

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BlackRock and Coinbase have teamed up to offer cryptocurrency to institutional investors through Coinbase Prime. Clients of the companies will have access to crypto trading, custody, prime brokerage, and reporting capabilities.

BlackRock, the world's largest asset manager, has partnered with Coinbase, a public cryptocurrency exchange, to make cryptocurrency available to institutional investors. According to a blog post (via Coindesk), mutual clients of Coinbase and BlackRock's investment management platform, Aladdin, will have access to crypto trading, custody, prime brokerage, and reporting capabilities.

As of Q2 2022, BlackRock had $8.5 trillion in assets under management, while Aladdin has over 200 institutional users including insurers, pension funds, asset management corporations, banks, and official institutions.

“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 the blog post.

“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,” he added.

Access will be provided through Coinbase Prime, an existing integrated trading platform for institutional crypto investors. Companies will continue to develop platform integration and roll out various features in phases, the blog post said.

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