Coinbase (NASDAQ:COIN) stock is rising higher on Thursday following news that the crypto exchange is teaming up with investment management company BlackRock (NYSE:BLK).
Let’s dive into everything investors in COIN stock need to know about this partnership below!
- Coinbase and BlackRock are working together to provide institutional investors access to crypto trading.
- They will also provide these investors with custody services for the assets.
- As a result, Coinbase Prime benefits are being made available to institutional clients of BlackRock’s Aladdin.
- Those services include “crypto trading, custody, prime brokerage and reporting capabilities.”
- The goal of this partnership is to accelerate crypto adoption among institutional investors.
Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, said the following about the partnership with Coinbase:
“This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risks across asset classes.”
It’s worth pointing out that this team-up with BlackRock comes as Coinbase feels the effects of a crypto winter. This has digital assets falling amid fears of economic turmoil, such as rising inflation, increasing interest rates and a recession.
News of the agreement between Coinbase and BlackRock has COIN stock experiencing heavy trading on Thursday. This has more than 31 million shares of the stock on the move as of this writing. That’s a major increase over COIN’s daily average trading volume of about 16 million shares.
COIN stock is up 15% as of Thursday morning but is still down 63% year-to-date (YTD).
Investors on the lookout for more recent market news are in the right place!
We’ve got all of the hottest stock news traders need to know about for Thursday! Among that is MercadoLibre (NASDAQ:MELI), Alibaba (NYSE:BABA) and Senseonics (NYSEMKT:SENS) shares rising higher today. You can find out more at the following links!
More Stock Market News for Thursday
- MercadoLibre (MELI) Stock Gains on Strong Results
- BABA Stock Jumps as Alibaba Beats on Earnings
- Why Is Senseonics (SENS) Stock Heating Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.