The move underscores how Wall Street’s traditional financial players are expanding deeper into crypto and related technologiesBlackRock is partnering with Coinbase Global to make it easier for institutional investors to manage and trade bitcoin, marking a major push into cryptocurrencies for the world’s largest asset manager.
The move underscores how Wall Street’s traditional financial players are expanding deeper into crypto and related technologies, even after this year’s meltdown in such assets. Bitcoin lost about half of its value in 2022, while the collapse of the Terra ecosystem and Three Arrows Capital have raised questions about the resilience of the market and prompted increased regulatory scrutiny.
“Our institutional clients are increasingly interested in gaining exposure to digital-asset markets and are focused on how to efficiently manage the operational life cycle of these assets,” Joseph Chalom, BlackRock’s global head of strategic ecosystem partnerships, said in the statement.