Bitcoin Whale: Coinbase and BlackRock Negotiate Bitcoin Deal

It was Thursday, August 4 that the two companies unveiled their new offer, which targets all the wealthy institutions in the region. The offer will also be rolled out through Aladdin, BlackRock’s end-to-end investment management platform, giving direct access to cryptos, starting with bitcoin, thanks to connectivity with Coinbase Prime.

Blackrock is going to give its customers the ability to buy cryptos. Is this good or bad news? In the long term probably this is good news, because it will bring more money into cryptos.

This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly within their existing portfolio management and trading flows, for a holistic view of risk across all asset classes. says Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock.

Second wind for Coinbase

Coinbase stock has seen a real jump over the past few days. COIN stock gained 4.67% at the close on August 5, and over the past five days, it’s up 52.63%. This prowess of Coinbase on the stock market is obviously to be compared to the agreement with Blackrock. This type of partner indeed reinforces the credibility of cryptocurrency exchange platforms in an increasingly competitive market and increasingly difficult in terms of customer trust.

However, made wary by inflation and the current rise in interest rates, investors are turning away from digital assets such as cryptocurrencies (Bitcoin, Ether, etc.).

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This is accompanied by a lack of interest in exchange platforms with the consequences already observed at Coinbase an 18% reduction in the workforce. Even including the breath of fresh air observed since Friday, Coinbase shares have lost more than 62% of their value since the start of the year.

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