BlackRock to offer clients access to cryptocurrencies via Coinbase Prime

The cryptocurrency exchange Coinbase and the asset manager BlackRock have agreed to collaborate. The latter’s clients will gain direct access to trading digital assets via the portfolio management system Aladdin.

We are proud to announce a partnership with @BlackRock. BlackRock’s Aladdin clients will now have direct access to crypto markets through Coinbase Prime.

Read more 👇https://t.co/LA3XeYYbvs

— Coinbase (@coinbase) August 4, 2022

The global head of strategic partnerships with ecosystems at BlackRock, Joseph Chalom, noted growing client interest. As part of the partnership they will also gain the ability to store cryptocurrencies and manage the investment portfolio risks.

The two companies will continue developing the Coinbase Prime integration with Aladdin. The functionality will be rolled out in stages.

Shares of Coinbase Global rose on the news. At the time of writing, quotes were up 16.3%. The stock opened with a 32.3% gap up. Trading was halted after reaching a 35% intraday surge threshold.

As reported in February 2022, BlackRock announced plans to add the ability to trade cryptocurrencies to the Aladdin portfolio-management system became known in February 2022. At that time, reports noted the potential integration of a lending service secured by digital assets.

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