BLACKROCK, INC AND COINBASE GLOBAL INC are teaming up to make it easier for institutional investors to manage and trade crypto—Bitcoin specifically and initially. BlackRock is the world’s largest asset manager and with this partnership with Coinbase Global Inc., BlackRock Inc will enter the cryptocurrency market, which currently is suffering from low prices and government investigations.
Coinbase stock is currently trading at $95.70, which is an increase from its 52 week low of $40.83 back in May 2022.
Now, top institutional clients of BlackRock Inc can use Aladdin investment-management system to monitor their exposure to Bitcoin along with other asset investments and to facilitate trading on the Coinbase exchange.
Traditional investment and financial players are entering the crypto and related technologies market despite the crypto meltdown and decrease in overall value. Bitcoin has taken a beaten in 2022 losing about half its value. Additional players such and Terra and hedge fund Three Arrows Capital that collapsed during the crypto meltdown have caused questions to be raised about the resilience of the market and these collapses has increased regulatory scrutiny.
Coinbase is currently under investigation by the SEC about whether it should have registered certain crypto as securities before offering to the public on the exchange.
But despite all of this, BlackRock and Coinbase have teamed up to make crypto more available to institutional investors.
Because BlackRock and Coinbase are starting off with Bitcoin first, the regulatory risks are low because Bitcoin has clearer regulatory status in Washington than all the other cryptos.
According to analyst Owen Lau at Oppenheimer & Co., the partnership between BlackRock and Coinbase is “a validation of the future of blockchain and digital assets and also a validation of Coinbase’s reputation.” This partnership is beneficial for Coinbase and is a huge boost to the crytpto market overall.
Let’s not sleep on this partnership, this means something to the overall cryptocurrency market and it shows that the most traditional of financial investors are awakening to the power of Bitcoin, crypto and to the blockchain technology.
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La Shon Y. Fleming Bruce a/k/a SHONSPEAKS is a blogger, futurist, certified brain health specialist, speaker, and lead creator of https://shonspeaks.org I am also a lawyer and managing member of The Fleming-Bruce Law Firm, P.L.L.C. If you want to check out more of my writings that may not be released on this site, go over to my website at https://shonspeaks.org
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