BlackRock announces partnership with crypto exchange Coinbase

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    BlackRock, the largest investment company in the world in terms of assets, and Coinbase, the largest cryptocurrency exchange in the US announced on the signing of a partnership agreement.

    As part of the agreement, BlackRock will provide its institutional investors with the ability to trade cryptocurrencies on Coinbase through its Aladdin asset management system: only bitcoin at first, but there will be more cryptocurrencies available for trading in the future.

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    The price of Coinbase shares after this news soared during trading on NASDAQ by more than 40% – however, later the shares began to fall in price, and by 18:15 Moscow time the growth was about 15%.

    The BlackRock partnership announcement was the first good news from Coinbase after a string of bad news. In the last month alone, the crypto exchange has reported an 18% reduction in staff, and has also found itself at the center of two investigations by the US authorities: illegal insider trading and trading in unregistered assets.

    Kirill Sarkhanyants

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