Coinbase soars more than 40% after announcing a deal with BlackRock

Cryptocurrency trading platform Coinbase has unveiled an agreement to partner with BlackRock to provide crypto access services to institutional clients of Aladdin, the largest asset manager’s global end-to-end investment management platform. of the world. The news has triggered the share price of the ‘fintech’ more than 40%.

Through this partnership, Coinbase will provide Aladdin’s institutional clients with direct access to crypto, “starting with bitcoin,” through connectivity with Coinbase Prime, which will provide capabilities for trading, custody, prime brokerage, and asset reporting. cryptocurrencies to Aladdin’s institutional client base who are also Coinbase clients.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operating cycle of these assets,” said Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock.

For its part, the platform stated that this association “is an exciting milestone” for the company, adding that BlackRock and Coinbase will continue to advance the integration of the platform and roll out the functionality in phases for interested customers.

Coinbase shares, which closed at $80.81 yesterday, have reached $116.30 this Thursday, with a rise of 43.9%, although they later moderated their advance to 19.60%, up to 94.39 dollars.

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