Earlier this month, Coinbase shares soared after the crypto exchange announced a partnership with BlackRock that will allow BlackRock’s institutional clients to buy bitcoin. Coinbase will provide crypto trading, custody, prime brokerage and reporting capabilities.
This seems like a major event for the crypto market. BlackRock is the largest asset manager in the world with more than $8 trillion under management.
And three years ago, this would have been market-moving news in crypto. But beyond Coinbase enjoying the positive press, the broader crypto market didn’t have a strong response to the news in the short term.
But in the long term, this is excellent for the crypto market.
In this episode of Crypto Monitor, Vin Narayanan and Allison Brickell explain what this means for the crypto market, whether other wealth managers will follow BlackRock’s lead, how Ethereum and other coins will benefit and more.
Thanks for watching!