According to the release, Bitcoin is the first digital asset offered through the partnership. BlackRock’s investment management platform will offer connectivity to Coinbase Prime to offer crypto trading, custody, prime brokerage and reporting capabilities to joint clients. “Common customers of Aladdin and Coinbase will be able to manage their Bitcoin exposures alongside their public and private investments,” BlackRock wrote in a statement on the subject.
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The tech magazine explains that the news marks a significant shift for BlackRock, whose chairman, Larry Fink, called bitcoin “an indicator of money laundering” five years ago. Since then, the asset management company has made small inroads on web3, introducing bitcoin futures trading on the platform It and some of its funds last year. Fink told shareholders in a letter in March this year that Blackrock is looking at “digital currencies, stablecoins and the underlying technologies” to see how they can help the company serve its customers.