Coinbase has announced a deal with BlackRock to give the asset manager’s clients more seamless access to digital asset markets, in the latest sign of how a rising number of traditional investors are dabbling in crypto.
San Francisco-based Coinbase said on Thursday that it would connect to Aladdin, BlackRock’s investment technology platform. The system, which supplies essential plumbing to the global investment industry, will give clients of the world’s biggest asset manager direct access to crypto. The first token available will be bitcoin, but others may come later.
The tie-up marks a victory for Coinbase, which has came under intense pressure since its direct listing last year as a result of tumbling crypto prices and falling trading volumes. It also shows how, despite the turbulence in crypto markets this year, some institutional investors are more actively considering allocations in digital tokens.