blackrock: Coinbase, BlackRock cryptocurrency trading partnership for institutional clients

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

The news comes as the industry has been hit by a so-called “cryptocurrency winter” as investors dump risky digital assets amid geopolitical turmoil, rising rates and concerns about an impending 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 cryptocurrency trading, custody, core 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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