This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Coinbase Stock Soars on Deal to Offer Crypto Services to BlackRock

Cryptocurrency exchange Coinbase Global shares traded Thursday 16 after announcing a partnership with BlackRock has soared by more than Institutional is the world's largest asset manager providing access to cryptocurrency trading and custody services to its clients.

 's agreement, like many companies in the crypto sector, has brought some relief to the company, which has been devastated by the  slump in crypto asset prices. We provide positive news. Investors flee risky assets amid geopolitical turmoil,rising interest ratesand fears of impending recession . 

Coinbase was the worst-hit, with its share price down more than 60% so far this year.

The company's institutional trading platform for crypto assets, Coinbase Prime, provides crypto trading, custody, Offers prime brokerage and reporting capabilities. } Coinbase.

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

BlackRock logo

How institutions have invested in crypto assets over the past 18 months and expect the alternative asset class to take hold.

“Institutional clients are increasingly interested in their exposure to the digital asset market and how to efficiently manage the operational lifecycle of these assets. We are focused,” said Joseph Chalom, Global Head of Strategy. Statement of ecosystem partnerships at BlackRock.

Coinbase has built a customer base of institutional investors through its Prime platform, which serves hedge funds, corporate treasuries and other financial institutions, the company said.

Institutional trading volume on Coinbase in the first quarter of 2022 was $235 billion compared to his $74 billion for retail clients, filings show. is shown. That institutional volume was down from his three previous quarters, but he was up just over 9% over the same quarter last year.