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Nasdaq traded crypto exchange Coinbase and the world’s biggest asset manager, BlackRock, with over $8.5 trillion under management, have teamed up to to make cryptocurrencies directly available to large institutional investors.
According to a company blogpost on Thursday, institutional clients of BlackRock’s end-to-end investment management platform, Aladdin® (short for “Asset, Liability, Debt and Derivative Investment Network”), will get direct access to crypto, starting with Bitcoin, by connecting with Coinbase Prime
BlackRock’s Aladdin currently has more than 200 institutional clients, which include major insurers, pensions, corporations, asset managers, banks and official institutions.
Joseph Chalom, BlackRock global head of strategic ecosystem partnerships, said in the announcement:
“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.
“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.”
When the news broke, COIN shares jumped by over 30% after which trading got halted temporarily citing ‘volatility’, ending the day with 10% gains.
BlackRock offering crypto trading services to its elite clientele is something that has been long expected. In February, sources close to the matter already said the asset manager would make this possible via its integrated investment management platform Aladdin.