blackrock: Coinbase, BlackRock Ink Crypto Trading Partnership Targeting Institutional Clients

Cryptocurrency exchange Coinbase Global Inc said Thursday that it has partnered with black rockthe world’s largest asset manager, to provide institutional clients with access to crypto trading and custody services.

The news comes as the industry has been battered in a so-called “crypto winter” as investors dump risky digital assets amid geopolitical unrest, rising rates and worries of a looming recession.

Coinbase has been among the hardest hit, with shares down more than 60% so far this year.

The company’s institutional trading platform for crypto assets, Coinbase Prime, will provide trading, custody, prime brokerage and reporting capabilities to institutional clients on BlackRock’s Aladdin who are also Coinbase clients.

Aladdin offers a suite of software tools designed to help institutional investors manage their portfolios.

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