BlackRock announces partnership with crypto exchange Coinbase
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BlackRock, the largest investment company in the world in terms of assets, and Coinbase, the largest cryptocurrency exchange in the US announced on the signing of a partnership agreement.
As part of the agreement, BlackRock will provide its institutional investors with the ability to trade cryptocurrencies on Coinbase through its Aladdin asset management system: only bitcoin at first, but there will be more cryptocurrencies available for trading in the future.
The price of Coinbase shares after this news soared during trading on NASDAQ by more than 40% – however, later the shares began to fall in price, and by 18:15 Moscow time the growth was about 15%.
The BlackRock partnership announcement was the first good news from Coinbase after a string of bad news. Only for the last month crypto exchange reported about an 18% reduction in staff, and also found itself at the center of two investigations by the US authorities: about illegal insider trading and trade unregistered assets.
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