Coinbase COIN token price soars past 35% after exchange signs deal with asset management firm BlackRock

  • Coinbase shares have soared more than 35% after the exchange announced its new partnership with asset management firm Black Rock.
  • At press time, Coinbase’s native token is up 17% at $93.18 after touching an ATH of $102 earlier today.

Earlier today, Coinbase announced its latest partnership with leading asset management firm BlackRock to provide seamless crypto services to its institutional clients.

The news has had a positive impact on Coinbase’s native COIN token, which is up 17% and stands at $93.18 at press time. The coin jumped as much as 35% earlier today, marking a positive outlook for investors towards Coinbase’s new deal with Black Rock.

Coinbase Shares Soar Over 35% After Exchange Announces Deal With Asset Manager Blackrock

According to the official blog post published today, Coinbase announced that it will connect with institutional clients of Aladdin, an electronic system created by BlackRock, to offer direct access to cryptocurrencies from Bitcoin through Coinbase Prime.

“Today marks an exciting next step in our journey as we announce that Coinbase is partnering with BlackRock, the world’s largest asset manager, to bring institutional clients Aladdin®, the world’s most trusted end-to-end investment management platform. BlackRock endpoint, direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime.” The blog added.

Through Coinbase Prime, the exchange will allow Aladdin users to experience seamless crypto services, including crypto trading, custody, prime brokerage, and reporting capabilities.

The news that Coinbase entered into a partnership with BlackRock has given its native token COIN a breather, which is up 17% at press time. Previously, the token had suffered massive upheavals due to factors like the general cryptocurrency market crash and recession.

Among the usual market tribulations, the exchange was also briefly mired in bankruptcy rumors that had affected the price of its native token. $ CURRENCY. In addition to this, two of the exchange’s employees were also accused of insider trading, which further affected the overall value and price of its native token.

As of now, Coinbase COIN is topping 35% and had previously risen as high as 40% touching an ATH of $102.

Coinbase’s partnership with BlackRock is significant in many ways, helping the exchange expand its portfolio of services by reaching new audiences.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational life cycle of these assets,” said Joseph Chalom, Global Head of Strategic Ecosystem Partnerships. at BlackRock. “This connectivity with Aladdin will enable clients to manage their bitcoin exposures directly within their existing portfolio management and trading workflows for a complete view of portfolio risk across asset classes,” the blog further adds. .

BlackRock’s asset, liability and debt and derivatives investment network, popularly known as Aladdin, is globally acclaimed for providing exceptional financial services by connecting investors to the financial markets. The software is widely used by asset managers, bankers, and corporations.

According to BlackRock’s website, the software “integrates and connects features that help manage money. From portfolio management and trading to compliance, operations and risk monitoring, Aladdin brings together people, processes and systems to help support a seamless investment process.”

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