BlackRock has partnered with cryptocurrency exchange Coinbase to offer its institutional investors access to cryptocurrency.
In Brief:
BlackRock’s customers will now be able to purchase Bitcoin.
It will be available to institutional clients on the Aladdin platform.
Coinbase is providing access to the cryptocurrency through the asset manager’s platform.
What does this mean?
For the first time, customers of the largest asset manager in the world will be able to directly purchase Bitcoin through its digital platform. BlackRock will now offer trading and custody services as, despite falling values, clients increasingly demand the option to invest in a range of cryptoassets. BlackRock is also looking to offer an ETF which exposes clients to blockchain and crypto businesses, which are increasingly taking their place as part of a diverse portfolio.
